Creditors

Others 1208 views 2 replies

neelisha

ca student:Final

66 Points Joined July 2009

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

Its urgent.....

Replies (2)

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.

CA. Nayan Kahar

Chartered Accountant

29 Points Joined November 2009

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