Debtors
This query is : Resolved
19 November 2019
A customer's ledger shows credit balance, but by mistake our staff write-off that credit balance by discount received a/c . What to do to correct this ledger account?
20 November 2019
Keep the balance without write-off if business is live.
20 November 2019
As informed the entry is wrongly made , you are supposed to reverse the entry.
The original entry :
Customer account debit
Discount received credit
Reversal entry
Discount received Debit
Customer account Credit
Due care to be taken while written back customer account like confirmation of balance to be obtained from customer through letter or mail. If the company has policy of written off or written back over 3 years balance of creditors or debtors and if the debtors or creditor balance shows unclaimed balance over 3 years , that amount may be written back to books.
The original entry :
Customer account debit
Discount received credit
Reversal entry
Discount received Debit
Customer account Credit
Due care to be taken while written back customer account like confirmation of balance to be obtained from customer through letter or mail. If the company has policy of written off or written back over 3 years balance of creditors or debtors and if the debtors or creditor balance shows unclaimed balance over 3 years , that amount may be written back to books.
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
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- RCM INVOICING FROM NOV-2024
- Should I report my US salary for January, February, March in Schedule FA?
- GST ON EXPORT COMMISSION
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
