hi friends, one of our clients have given Rs.11,00,000/- towards advance for works contract.Then that party got into insolvency.
what is the accounting treatment for above said query?can i charge to P& L account.?
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accounting for IP effcted accounts
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as you said you have given Rs. 11L for works contract and he got insolvent in this case you need to make provision for forseable losses
and when it is finally decided that what proportion of money you will get back than the balance can be charged to provision.
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