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Party set off

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student
48 Points Posted on 29 May 2023
A party is a debtor and creditor both rs 1000000 is receivable and payable to the same, can I set off the same against each other
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On 29 May 2023 at 17:50 Report
Replies (6)
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Pivate
1491 Points Posted on 29 May 2023
Could you elaborate
2 Reply
On 29 May 2023 at 21:49
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student
48 Points Posted on 29 May 2023
Like just passing an entry creditor Dr 100000
to debtor cr 100000 without actually paying or receiving any amount
is there any issues with any of the tax laws with the above treatment
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On 29 May 2023 at 21:53
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ACCOUNTS MANAGER
2213 Points Posted on 30 May 2023

Yes you can do that .......... & get confirmation of the party with a sign & stamp , so not any issue will arise in future .  

4 Reply
On 30 May 2023 at 11:38
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student
48 Points Posted on 30 May 2023
Ok thanks a lot
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On 30 May 2023 at 11:43
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ACCOUNTS MANAGER
2213 Points Posted on 30 May 2023

Welcome Dear ........... ........

4 Reply
On 30 May 2023 at 15:20
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Profession Business
28207 Points Posted on 02 June 2023
Mutual book entries to avoid bank transactions and arrive at a conclusion.
44 Reply
On 02 June 2023 at 16:29


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