Is there any Resolution for Written off Assets and Liabilities.Is law permits for written off.If yes please tell me under which sec it specifies about.If there any consequences from central goverment for removal of Assets and Liabilities suddenly
from the Balance sheet.
You are writing off/back the assets or liabilities for what reason?
Either you considered such assets as scrap or liabilities are not going to pay?
Only management approval required the same, in writing. For the purpose of future reference against the same.
And assets value should be maintained @ 5%, until it will be disposed off.
So go ahead with clarity please.
CAclubindia
