Write off money lying in terminated of absconded employee

This query is : Resolved

Viren Gandhi (Querist)
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04 June 2020 Dear members,

We are manufacturing company and as a policy we provided the some small advances to our employee to taken care their personnel needs,

We generally recover the money from their salary. But some times employee absconded without paying his advance and it is showing under employee advance in our balance sheet

Pls help me the correct accounting treatment and journal entry for write off the money lying in absconded employee as we don't see any chances for recovery

Pls do the needful

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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04 June 2020 Credit advance and debit irrevocable advance write off.

Viren Gandhi

Viren Gandhi (Querist)
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12 June 2020 thanks

irrevocable advance write under P&L?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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12 June 2020 Yes...............................

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Write off money lying in terminated of absconded employee

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