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How to adjust if the person who lends the money from us. said that he give the money on 1march and our year end was on 31 December and person died on 1 February how to account this change
Sir can you please reply to me
Firstly, this service is free to you and so not one where you get an instantaneous reply. To be asking me so soon after posting the question is ridiculous. I tend to check the questions on the forum on Wednesdays and at the weekend.
Secondly, to answer your question then it would be an adjusting event as the debt was due at the reporting date and there is now evidence to show that this debt is not going to be recoverable.