I want to write off 1,00,000 sundry credit bal. What ledger should I create & under which GROUP so that a/c entry is properly done. I am using TALLY for my accounting entry.
Thanx in advance
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Write off sundry creditor
Replies (13)
Quick Summary
You need record income to write off a creditor. Entry is as follow:
Creditor A/c Dr 100000
To Creditor Write back A/c Cr 100000
u have to write off the individual creditors account by the debiting their account and credit the Creditor Write back A/c . please also keep in ming the tax implication of writting off the creditors. it might be considered as ur income. Please tell me if any other opinion is there...
U may Also Adjust Creditor written off with bad debts or transfer to PL Accounts
I agree with Sonu regarding writing off the creditors account against bad debts if any or book as profit.
Harpreet,
What should be the tally GROUP for "Creditor Write back A/c" Cr 100000?
What should be the tally GROUP for "Creditor Write back A/c"?
Somebody please reply this.
"Indirect Income"
depand on creditors or debtors. accordingly will be passed the entry.
Debit Creditors a/c and Credit Creditors write back a/c
What if i dr. the "Creditors A/c" and cr. the "Capital A/c", bcoz in ITR form there is no where mentioned whether i have any creditors or not ?
Sir,
If we pass the entry debit creditor's account and credit Creditors write back account it's again a balance arise in the ledger of creditors write back account so how to fully remove from the balance sheet. Please let us know more..?
Hello ,
Sundry creditors 10000/- bt we are not paying to creditors we are take as profit
entry??
Three possible solutions I have found out- i) credit the balance directly to pl a/c...in that way you have to pay income tax on it...ii) we can directly credit it to capital a/c but not sure abt the implications..iii) we can adjust the balance with cash..
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