Write Back Liability
This query is : Resolved
Swaminathan
(Querist)
04 August 2010
Photocopier Machine purchased on HP from the Company & due to unsatisfactory performance of the Machine ,Repayments not made & the matter pending in Court.
The Company not in existence now .
The Questions arising now:
1. How To Write back the unpaid liability in Books ? Whether it can be writen back in parts in various years ?
2. If the machine shows value higher than its realisable value, Whether the unpaid liability can be adjusted in the Machine Value ?
The Company not in existence now .
The Questions arising now:
1. How To Write back the unpaid liability in Books ? Whether it can be writen back in parts in various years ?
2. If the machine shows value higher than its realisable value, Whether the unpaid liability can be adjusted in the Machine Value ?
04 August 2010
1.AMOUNT WRITTEN BACK IN NOW IN A YEAR IN WHICH YOU HAVE EVIDENCE THAT NOW YOU HAVE NOT TO PAID ANYTHING BECAUSE COMPANY IS NOT EXISTENCE.
PARTY A/C DR
TO AMOUNT WRITTEN BACK.
2. ON MACHINE , YOU HAVE TO CLAIM DEPRECIATION.
PARTY A/C DR
TO AMOUNT WRITTEN BACK.
2. ON MACHINE , YOU HAVE TO CLAIM DEPRECIATION.
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