If you have debt in UK will it be recovered in India?
The answer is yes but it will depend on the amount of debt you have. A lot of countries have agreements with each other to make it possible for debt to be recovered
Debit Bad Debt Expense. Credit Allowance For Doubtful Accounts (a contra-asset account on the Balance Sheet). Before you do the double entry for the bad debts recovered, you have to reinstate the debt by making the following entries:- Dr. debtors account Cr. bad debts recovered account after this, you will...
A secured debt - is protected by being tied to something valuable (jewellery, car, house etc). If you default on the repayments, you could lose the item the debt is secured on ! An unsecured debt is not tied to any physical property. If you default on an unsecured debt, they will usually take you to court and have the debt recovered from your wages.
What is the journal entry for Bad Debt Recovery of 2350 which was debited to the bad debts recovered account?
Debt problems in the UK are rampant in both the consumer and the government financial arena.In 2013 the UK's debt status was downgraded. Although the government has it's own problems with debt, it has several services and financial management plans available to the public to help with personal debt.
In some cases, if you have porper documentation, you may be able to claim it as a loss on your state and federal taxes. This is in essence what the corporations are doing when they "charge off" a bad debt. It is deemed unrecoverable or uncollectable and becomes a loss. This does not preclude any attempts to continue recovery efforts. for the corporations, it only shifts how the recovered debt appears. Recovered charged off accounts…