Sundry Debtors
This query is : Resolved
04 July 2009
Dear experts,
Is it compulsory to write off Sundry Debtors
beyond 3 years??
If yes then under what section, please mention??
Is it compulsory to write off Sundry Debtors
beyond 3 years??
If yes then under what section, please mention??
M Prabhakar Menon
(Expert)
04 July 2009
It is not compulsory to write off debit balances beyond 3 years The law of Limitation restricts recoverability beyond three years If you are confident of recovering there is no need to write off
Bindu Madhav
(Expert)
04 July 2009
No law/act prescribes to write-off debtors beyond 3 years. However, law of limitation prescribes period of 3 years to repay the loan/ take any legal action. Logically applying this rule, it is preferred/advised to write-off the debts beyond 3 years.
Ratan Sharma
(Expert)
04 July 2009
Agreed
04 July 2009
agreed
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