Sir,
Turnover Rs. 2 Crore books cover under section 44AB. in the books of accounts we have balalnce of 2 sundry creditors Rs. 4 Lacs it was creditor from last 3 years but as per books of accounts sundry creditors no Balance available. so can we adjust our Balance with Prop. Capital account
please advise.
You have confirmed that the creditors are no longer valid it means you can write back the amount. This would be treated as income in your profit and loss accout.
CAclubindia
