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Write off applies to receivables when they are considered bad or doubtful debts.
It may be a decision taken by the creditor in order to reflect a true and fair view of his status.
The debtor will still be liable to pay the same until and unless it is mutually agreed for non payment.
Whereas in the case of a tangible asset the owner has all the right to value it and write off what is not realizable. In both cases the profit and loss account is affected.
A write-off is a reduction of the recognized value of something. In accounting, this is a recognition of the reduced or zero value of an asset. In income tax statements, this is a reduction of taxable income, as a recognition of certain expenses required to produce the income.
Write off means to eliminate
Write off means that we have receivable in our BS which is not recoverable as on date .
In such case - after enough efforts are done to recover the amount - the receivable is written off from the books of account. Also companies has write off policy which needs to be followed before write off
Write off basically is the reduction of bad debt. Through write off loss suffered in the current is charged to P&L.
a cancellation from an account of a bad debt or worthless asset.
Write off (or removing some or all of the cost of the asset from the books of accounts) is not only applicable to receivable account but could also be applied to other assets such as inventory.
A cancellation from an account of a bad debt or worthless asset.A write off occurs upon realization that an asset no longer can be converted into cash or has no market value.
Write-off is an accounting term referring to an action whereby the book value of an asset is declared to be 0. With a write-down, asset book is reduced but not taken to 0. In either case, the loss may be charged as an expense.
WRITE OFF MEANS DEPRECIATING ASSETS OVER A CERTAIN PERIOD OF ITS LIFE AND EXPENSES OVER A CERTAIN PERIOD OF TIME AS PER ITS NATURE
