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How do we write off creditor Balance ???
1 Replies
CA ABHAY GUPTA
(Practice)
(3230 Points)
Replied 07 November 2021
Written off of creditors means you are disallowing your earlier expense, you need to reduce as expenses from the same head as you claimed earlier or if not incurred in current year then treat it as your income. for eg an printing expenses recorded in books of accounts in FY 2019-20 and creditor rise, this FY 2021-22 amount need to be written off, if in current FY printing expense is made then reduce the same with amount of creditors written off, or shown under indirect income in case no printing expenses in current FY.
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