Write off
This query is : Resolved
25 August 2010
What is the rule & procedure for write off of any expenses from P & L / Balance sheet
Aditya Maheshwari
(Expert)
25 August 2010
Not a clear question......
Expenses are written off in the P &L A/c.
P & L debited and expenses credited to make it zero in the year end.
Expenses are written off in the P &L A/c.
P & L debited and expenses credited to make it zero in the year end.
25 August 2010
but what is the procedure
either resolution to be issued or approval from somebody or i can write off like that
can i write off in a same year or over a x number of year
either resolution to be issued or approval from somebody or i can write off like that
can i write off in a same year or over a x number of year
Aditya Maheshwari
(Expert)
25 August 2010
What do u mean by expenses? Which expenses? Rountine expenses can be charged to the P & L without any resolution.
26 August 2010
Expenses like
1. Bad debt
2. Excess Provision made in previous years
3. misc Expenses
4. Bonus booked but not claimed
Incomes like
1. non recovery of refund
1. Bad debt
2. Excess Provision made in previous years
3. misc Expenses
4. Bonus booked but not claimed
Incomes like
1. non recovery of refund
Aditya Maheshwari
(Expert)
26 August 2010
Just a simple entry for write off. No need for any resolution or anything.
26 August 2010
r U sure,
Our CA has asked me take the approval from Director to write off the Bad Debts
Our CA has asked me take the approval from Director to write off the Bad Debts
Aditya Maheshwari
(Expert)
26 August 2010
If the amount is huge board approval is needed. It is a management call so he may be requiring.
27 August 2010
THanx
so in short there is no rule or procedure
i can write off all expenses
so in short there is no rule or procedure
i can write off all expenses
Aditya Maheshwari
(Expert)
27 August 2010
yes u can.
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