Hi, Frienz !
I would like to know wat is the meanin of Square off as mentioned in section 269SS & 269T ! Please can any1 explain this to me !
5 Replies
CA Neil Ganatra
(Partner - Gautam Joshi & Co.)
(871 Points)
Replied 04 January 2012
First of all dear friend it's 269SS and 269 T. Square off means the balance of unsecured loan is NIL at the balance sheet date i.e. 31st march usually.
Deepak T Shetty
(Chartered Accountant)
(121 Points)
Replied 04 January 2012
Thank you very much Mr. CA Neil Ganatra
Deepak T Shetty
(Chartered Accountant)
(121 Points)
Replied 04 January 2012
If der is a part payment towards principal, can we call it as squared off or entire amount should b paid, only den it ll b called as squared off !
CA Neil Ganatra
(Partner - Gautam Joshi & Co.)
(871 Points)
Replied 04 January 2012
the balance should be NIL which means a complete payment.
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