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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?
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Answer / nishant jain
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 ? | 12 Yes | 1 No |
Answer / saurabh jain
Another opinion on this regard is the party is not declared
bankrupt so the matter may be taken to court for resolving
the dispute so as per AS 29 we should not write off as bad
debts but we should just make a provision.
p&L ac Dr
to provision for bad debts
| Is This Answer Correct ? | 2 Yes | 0 No |
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