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Supplier credit balance

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 July 2013 Dear sir,
In our books of accounts there are some credit balances lyeing for a quite a long time against our suppliers.Please advice whether we can transfer this amount to partner's capital account as our is a firm.
Please reply at the earliest.As the customers are not responding to their confirmation.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
07 July 2013 you cannot transfer directly to the partners account. need to writeback in the books and show as income and transfer as profit

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