Sundry debtors
This query is : Resolved
22 August 2016
A Co has got some advances from some of their clients - but ultimately such deal has not been finalized & as per the terms such clients also has not demanded the advance amount back - presently such amounts are shown as advance from clients in to the Balance Sheet - now there is no chance of refunding such amount & also no sale will be booked - then what to do, the amount is a sizable amount in comparison with the Sale of the Co.
Pls Advise
A Co has got some advances from some of their clients - but ultimately such deal has not been finalized & as per the terms such clients also has not demanded the advance amount back - presently such amounts are shown as advance from clients in to the Balance Sheet - now there is no chance of refunding such amount & also no sale will be booked - then what to do, the amount is a sizable amount in comparison with the Sale of the Co.
Pls Advise
23 August 2016
Take it to other income head.
23 August 2016
but what about VAT CST S Tax & Central Excise - nothing yet charged into it
23 August 2016
Nothing will be charged on it. Debit the advance and credit other income-unclaimed advance.
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