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Accounting treatment of unused stamp papers.
In an organization (NPO) in J&K, there are extra unused Stamp Papers, which were purchased for the purpose of Purchase of Land. The Stamp Papers are shown as Current Assets having value of Rs. 11,000. Now the Stamp Vendor is not ready to take them back. The organization wants to eliminate the Stamp Papers from the books of Accounts. What shall be the accounting procedure for the same?
Replies (2)
Dr Account written off
Cr Current assets
Cr Current assets
Expense it off to the Income/Expenditure account
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