Q. PROVISION FOR DOUBTFUL DEBTS IN THE ACCOUNTS OF A COMPANY

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Question added Feb 1 Audit and Accounting Standards By AMBAR NATH MAJUMDAR, CA, Kolkata

After the introduction of Aging analysis of Trade Receivables in Schedule III Division I of the Companies Act, 2013, should amounts appearing under the “Outstanding for more than 3 years from the due date of payment” be provided in the statement for profit or loss, because such amounts are time barred for payment under the Limitation Act, 1963?   

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