security deposit from debtor

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Kartik kapoor (Querist)
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31 December 2008 Hi

Can anyone have any idea whteher the security deposit or advance received from customer can be adjusted from his outstanding for calculation of ageing.Please qute the relevant extracts of US GAAPS if any available on this subject.

best regards

kartik

K V Subba Rao

K V Subba Rao (Expert)
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31 December 2008 Not correct to deduct unless a decision is taken to appropriate Security Deposit or Advance received towards Dues outstanding, after exhausting all possible means and incorporating transfer adjustments in Accounts

Kartik kapoor

Kartik kapoor (Querist)
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31 December 2008 Thanks

Can you give any refernce from Indian GAAP or US GAAP

Regards

Kartik

Kartik kapoor

Kartik kapoor (Querist)
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02 January 2009 Dear All

please clarify whether the adjustement of same is possible .

Regards

Kartik

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