Payment for trade liability which was earlier write off

Prateek Bansal (Chartered Accountant ) (33 Points)

06 August 2013  

Dear All ,

 

If any trade creditor is write off in accounts due to settlement and after 3 years again that creditor arise and demand the amount and company /firm paye that amount , then what will be the accounting tratment in the books of accounts in the case of individual , Firms or Companies ?

 

Please advice on the above