DISCOUNT related

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ipcc
87 Points Posted on 06 April 2021
In my balance sheet a creditors o/s from 2014. In fy 2020 21 can I pass entry as discount and claim without gst effect
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On 06 April 2021 at 00:13 Report
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Quick Summary
This discussion explores accounting for old outstanding creditors from 2014. It clarifies that if a creditor agrees to allow a discount on this old debt, you can pass an entry and claim it without GST implications, especially if the debt is statute-barred. The key is to confirm the creditor's agreement to the discount.

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Chartered Accountant
24588 Points Posted on 06 April 2021
But this is not correct method, is that outstanding amount was actually be allowed as discount by the credito
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On 06 April 2021 at 06:11
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309 Points Posted on 06 April 2021
Yes, the same can be claimed
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On 06 April 2021 at 07:25
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2742 Points Posted on 06 April 2021
Yes you can pass the entry, but first decide whether you have pay or not,
so as per the law of limitation you can write off without GST effect
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On 06 April 2021 at 07:34

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