I want to write off 1,00,000 sundry credit bal. What ledger should I create & under which GROUP so that a/c entry is properly done. I am using TALLY for my accounting entry.
Thanx in advance
I want to write off 1,00,000 sundry credit bal. What ledger should I create & under which GROUP so that a/c entry is properly done. I am using TALLY for my accounting entry.
Thanx in advance
u have to write off the individual creditors account by the debiting their account and credit the Creditor Write back A/c . please also keep in ming the tax implication of writting off the creditors. it might be considered as ur income. Please tell me if any other opinion is there...
U may Also Adjust Creditor written off with bad debts or transfer to PL Accounts
I agree with Sonu regarding writing off the creditors account against bad debts if any or book as profit.
Harpreet,
What should be the tally GROUP for "Creditor Write back A/c" Cr 100000?
What should be the tally GROUP for "Creditor Write back A/c"?
Somebody please reply this.
"Indirect Income"
depand on creditors or debtors. accordingly will be passed the entry.
Debit Creditors a/c and Credit Creditors write back a/c
Sir,
If we pass the entry debit creditor's account and credit Creditors write back account it's again a balance arise in the ledger of creditors write back account so how to fully remove from the balance sheet. Please let us know more..?
Three possible solutions I have found out- i) credit the balance directly to pl a/c...in that way you have to pay income tax on it...ii) we can directly credit it to capital a/c but not sure abt the implications..iii) we can adjust the balance with cash..
CAclubindia
