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Adjustment of Balance

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(Querist)
04 February 2023 Dear Sir/Madam,

When we are dealing with the party which is our Debtor and one party is our Creditor, then whether we can set off the balance of Debtors against Creditors or vice versa? Please reply as early as possible.

Please note that both parties (Debtors and Creditors) are not related to each other, but they are agreeing for adjustment and can we assign our debtors to that particular creditor.

Regards
Anuj
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
04 February 2023 Yes, take a concent letter from the creditor.
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