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Bad debt recovered is credited
bad debt recovered is credited to profit and loss a/c of current yr or credited to p&l adjustment a/c?
Replies (3)
Quick Summary
Once again i make final entries. Monthly income statements also have the same accounting heads. Tax wise you need to pay it back and im not sure what the entries are. This is what i complained about governance. These people lower caste and poor people ruined all of making thing things complex for professionals. The CEO'S look for cheap factors of production and everything goes haywire. The indian p olice are also b.com and indian politicians are failed candidates looking for public money
Just follow dual aspect
Bad debt recovered is credited to provision for bad and doubtful debts.
Some open up profit and loss adjustment account .
Some open up profit and loss adjustment account .
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