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Accounting effect

Accountancy

Due to the bank closure, all the money was gone, but after a few years when the bank resumed its operations, the money was returned. What will be the accounting effect of this?

Jiya T

CA Inter

★ 10

16-Jun-23 21:05

308

Answers (3)

Best Answer

When amount not recoverable, it is treated as loss. Subsequently when amount becomes recoverable, take it as a gain.

CA Suraj Lakhotia

Admin

19-Jun-23 10:00

May be taken as bad debts recovered.

Varshaa M

CA Final

★ 35K+

16-Jun-23 21:08

Varshaa M

May be taken as bad debts recovered.

Yes

Balachandar S

CA Inter

★ 59K+

17-Jun-23 07:36