Write off

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karan

karan (Querist)
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25 August 2010 What is the rule & procedure for write off of any expenses from P & L / Balance sheet

Aditya Maheshwari

Aditya Maheshwari (Expert)
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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.

karan

karan (Querist)
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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

Aditya Maheshwari

Aditya Maheshwari (Expert)
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25 August 2010 What do u mean by expenses? Which expenses? Rountine expenses can be charged to the P & L without any resolution.

karan

karan (Querist)
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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

Aditya Maheshwari

Aditya Maheshwari (Expert)
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26 August 2010 Just a simple entry for write off. No need for any resolution or anything.

karan

karan (Querist)
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26 August 2010 r U sure,

Our CA has asked me take the approval from Director to write off the Bad Debts

Aditya Maheshwari

Aditya Maheshwari (Expert)
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26 August 2010 If the amount is huge board approval is needed. It is a management call so he may be requiring.

karan

karan (Querist)
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27 August 2010 THanx

so in short there is no rule or procedure

i can write off all expenses

Aditya Maheshwari

Aditya Maheshwari (Expert)
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27 August 2010 yes u can.

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