Write off money lying in terminated of absconded employee
This query is : Resolved
Quick Summary
Viren Gandhi
(Querist)
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
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
(Expert)
04 June 2020
Credit advance and debit irrevocable advance write off.
Viren Gandhi
(Querist)
12 June 2020
thanks
irrevocable advance write under P&L?
irrevocable advance write under P&L?
CA R SEETHARAMAN
(Expert)
12 June 2020
Yes...............................
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