Hello all... My friend is preparing a balance sheet of a client and that client had given share application money to a company and now that company is wound up...so my question is that how can it be written off in the books of accounts. whether he should show it as bad debt in p&l or any loss. Thanks
Not recoverable of Share application money is an investment loss. so debit Miscellaneous expenses and put it in Assets side in the Balance sheet.
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