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Provision required or not

This query is : Resolved 

Querist : Anonymous


Querist : Anonymous (Querist)
Dear Experts,

A Limited company paid Advance for land but the deal was canceled & party refuse to refund the advance amount. Matter is pending in court.

Whether provision for RDD is required in the books.

Considering the legal right to receive and progress of court proceedings, an entity needs to impair its advance / recoverable.

If there is a probability of recovering some percentage, provision should be made for balance.



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