samirshaikh (Account executive) (35 Points)
18 January 2019Dear All,
if I want to close my debtors and creditors balance in current year what entry should I pass in tally? plz answer along under head.
Regards
Samir Shaikh
Arunn Auto Sparess
(203 Points)
Replied 18 January 2019
Suriyapriya Amudha
(30 Points)
Replied 18 January 2019
Dr.Written Off
Cr. Party's A/c
If you want to close S.Drs account
rahul ramachandran
(student)
(71 Points)
Replied 18 January 2019
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 18 January 2019
1) for Debtors write off
Bad Debts A/c Dr
To Sundry Debtors A/c Cr
( Being sundry debtors write -off )
Bad debts a/c will be transfer to P&L under Indirect expense
2) For sundry creditors write off
Sundry Creditors A/c Dr
To sundry creditors write off A/c Cr
(Being sundry creditors write off )
Sundry creditors write off A/c will be transfer to p&L under indirect Income
Shubham
(ca finalist)
(22 Points)
Replied 20 June 2019
WHAT IS TO BE TREATMENT OF ITC TAKEN UPON PURCHASE, WHEN THE PAYMENT DUE TO THE SUPPLIER IS WRITTEN OFF???
MEANS PAYMENT WILL NEVER BE MADE. MOREOVER, WHAT IF PARTIAL AMOUNT IS PAID AND PARTIAL AMOUNT IS WRITTEN OFF?
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 20 June 2019
As per section 16 of the CGST act 2017 you have to reverse the ITC if payment is not made with in 180 days form the date of issue of Invoice by the supplier and add back to your tax liability in case payment will be never made by recipient .
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