outstanding liabilities

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Abhijit Gupta (Querist)
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12 May 2011 what are the possible treatment for outstanding liabilities of the current year in the beginning of next year?

RAHUL SARIA (CA, CS) (Expert)
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14 May 2011 It may be paid and cleared or if not payable any more may be written back.

Abhijit Gupta (Querist)
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15 May 2011 what will be the entry for writing off the same????

RAHUL SARIA (CA, CS) (Expert)
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15 May 2011 Outstanding Liabilities A/c Dr.
To Outstanding Liab. written back A/c

Outs. Liab W/back account is to be transferred to P/L

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