Write off accounts payable
This query is : Resolved
08 October 2015
Hello ,
In my company, there is long outstanding creditors prior to 2002 -03 which have no details. The activity related to that outstanding creditors belongs, is also closed. My question is Can I write off this creditors balance. Becoz as per my knowledge we cannot write off the trade payables. so in this circumstance what can I do.
In my company, there is long outstanding creditors prior to 2002 -03 which have no details. The activity related to that outstanding creditors belongs, is also closed. My question is Can I write off this creditors balance. Becoz as per my knowledge we cannot write off the trade payables. so in this circumstance what can I do.
09 October 2015
U can very well write off trade payables and recognize income
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