rs 480 due to sohan are bad debts.
3 Replies
CA Pallav Singhania
(IT System Auditor)
(33678 Points)
Replied 12 October 2013
For showing this journal entry, it is very necessary that a debt must be uncollectible. We have done all the efforts but we did not collect the debt. After failure of final notice to the debtor, we will convert our debt in bad debt.
Bad Debt Account Debit
To Sohan
In the end of the year we will written off the bad debt,
we are closing bad debt account by transferring bad debt amount to the debit side of our profit and loss account .
So, both side of bad debt account will be equal. No balance will carry forward.
Profit and Loss Account Debit
To Bad Debts Account
Regards,
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