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Payment of write of party
hie, greetings, hie i am from gujarat and my question is i have write off some vendor in 2013 and now i have to payment to party so kindly guide what i have to do and what i have to consider Many Thanks, Vimalbhai
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Replies (1)
sir..
you did write off balance in party account by charging it as income, as you expected that you need not pay them.
however.. now you need to pay them..so just pass an opposite entry by charging expense in p/l account.
you did write off balance in party account by charging it as income, as you expected that you need not pay them.
however.. now you need to pay them..so just pass an opposite entry by charging expense in p/l account.
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