suresh (Accountant) (85 Points)
01 January 2011What is the entry in tally when we want to close the ledger balance of a sundry creditor. We are not going to pay the amount of a particular invoice but the purchase entry has been made. how to close.?... and . what ledger needs to created to write off such amount
thanks a lot
suresh
Vikash Kumar
(Manager Accounts (CA. Final))
(694 Points)
Replied 01 January 2011
Debit Creditor's a/c and credit the ledger-Liabilities W/o. It will be treated as Income in P&L A/c.
Ram Avtar Singh
(Nagari Sultanpur U.P.Delhi)
(14497 Points)
Replied 01 January 2011
Purchase entry to be reversed. It will shown in Vat return also. vat should be reversed. if central purchase no C Form to be issued.
muraligopoavarapu
(article student)
(63 Points)
Replied 03 January 2011
hello is goods are returned back to creditor
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
