Accounts??
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 August 2011
sir, why is P/l a/c is debited in the entry for provision for bad debts??
i.e P/l a/c dr.
To,provision for bad debts A/c..
Also what do we mean by write off. or written off.
also sir, is this entry correct when bad debts are recovered??
Cash a/c dr.
to bad debts recovery a/c..
i.e P/l a/c dr.
To,provision for bad debts A/c..
Also what do we mean by write off. or written off.
also sir, is this entry correct when bad debts are recovered??
Cash a/c dr.
to bad debts recovery a/c..
24 August 2011
Provision for bad debts is an expense which is created by debiting the P & L A/c as it is not a real expense but a provisional expense only and provisions are created through P & L A/c.
Write off means cancelling a debt. When you pass the entry of
Bad Debts Dr.
To Debtor
then you are cancelling a Debt which is also known as write off.
Write off means cancelling a debt. When you pass the entry of
Bad Debts Dr.
To Debtor
then you are cancelling a Debt which is also known as write off.
Message likes :
1 times
24 August 2011
Yes, your entry for Bad Debts recovery is correct.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Inventory of finished goods
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Applicability of Ind As to associate of associate
- Filing of Form 10BB instead of Filing Form 10B
- Last year input claim shown in gstr9
- GST Registration Cancellation books of accounts asked by officer
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- HSN Details in IFF/GSTR-1 & in GSTR 9
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
