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Creditors

neelisha ( ca student:Final) (66 Points)

28 August 2012

Can anyone please tell me what will be the accounting treatment for writing off creditors for fixed asset???????

Its urgent.....

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2 Replies

(Guest)

I think you mean to say you get fixed asset from creditor.

Dr, Fixed Asset and Cr . Creditor (Name) and any faction you paid or recieve make entry for cash or bank.

AS 10.

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CA. Nayan Kahar (Chartered Accountant) (29 Points)
Replied 28 August 2012

If u have to return fixed assets back, entry would be Creditors a/c Dr. To fixed assetsa/c ( with amount of fixed assets to be given back) If u just to write back the amount standing to creditors and the respected fixed assets is depreciated Entry would be Creditors a/c Dr. To profit & loss a/c