Write off a Party Balance
This query is : Resolved
08 January 2025
We paid a party Rs 2,80,000
How to Write Off in Tally? What will be the Impact of Income Tax?
How to Write Off in Tally? What will be the Impact of Income Tax?
09 January 2025
For what purpose the payment was made?
Why you want to write it off?
Why you want to write it off?
09 January 2025
Paid 280000 for fabric purchase. Party shut the business and run away.
10 January 2025
The entry will debit the Bad Debts Expense account, reflecting the loss in your profit and loss statement, and credit the Accounts Receivable, effectively removing the uncollectible amount from your books.
Writing off bad debts or write-offs is considered an expense, which can reduce your taxable income and, consequently, your overall tax liability.
Writing off bad debts or write-offs is considered an expense, which can reduce your taxable income and, consequently, your overall tax liability.
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