Creditor balances write off

Statute limitations

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Is there a statute of limitation for writing off aged subdry creditors before you can write them off to the p & L?  For example un-identified cash receipts or unknown residual cash from a prop disposal? 

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By thevaliant
08th Jun 2020 20:22

Limitation Act 1980 - 6 years normally.

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paddle steamer
By DJKL
09th Jun 2020 09:26

"unknown residual cash from a prop disposal? "

Not sure with this that I would be waiting 6 years but I suppose it depends upon whose property disposal it had been, that of the party with the CR balances or a third party?

If a third party of the business which has the CR balances on its books one thing that could vary advice re writing off is whether the CR balance is client monies, if it is I would be more circumspect as I suspect writing off is not an option.

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