Supposed we raised the Bill to the party last year. Next year party refus

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Question

Supposed we raised the Bill to the party last year. Next 
year party refused to pay the bill. Now I want write off 
the ledger of that party. How i make journal entry?

Question Submitted By :: Sanjay T. Neman

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Answer Posted By

Re: Supposed we raised the Bill to the party last year. Next year party refused to pay the bill. Now I want write off the ledger of that party. How i make journal entry?

Answer
# 1

Party (x Ltd.)       Dr.
          To Sales A/c
(Being bille raised against sales)

Bad Debts A/C        Dr.
           To Party (x Ltd.) A/c
(Being amount not recovered from paty and became bad debts)

P&L A/C              Dr.
            To Bad debts A/C
(Being bad debts written off)

Is This Answer Correct ?

4 Yes

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Nishant Jain

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