Can anyone please tell me what will be the accounting treatment for writing off creditors for fixed asset???????
Its urgent.....
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Creditors
Replies (2)
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
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