hi friends, one of our clients have given Rs.11,00,000/- towards advance for works contract.Then that party got into insolvency.
what is the accounting treatment for above said query?can i charge to P& L account.?
Menu
accounting for IP effcted accounts
Replies (1)
as you said you have given Rs. 11L for works contract and he got insolvent in this case you need to make provision for forseable losses
and when it is finally decided that what proportion of money you will get back than the balance can be charged to provision.
Recent Topics :
- NSE IPO Price, GMP, Allotment Date and Listing
- Gst tax rate
- Cash deposited by customer
- CAPITAL GAIN REG
- Built a simple tool to automate client document fo
- Capital Gain on Sale of SRA Allotted Flat Received
- Discrepancy in Auto populated figures in GSTR1 of
- What should I do after receiving a GST Show Cause
- Discuss and Download CA Inter Question Paper Septe
- Hi experts needed some help
Related Topics :
CAclubindia
