Bad debt write-offs, that are usual in comparison to the nature of the activity or the volume of business done, are recorded as a debit to account 654 « Bad debt write-offs ».
Account 655 « Share of profit or loss from joint ventures » is debited with :
-
the share of loss from joint ventures, which represents the non-managing entity’s share of the losses. The counterpart is credited to account 458 « Partners – Joint ventures and Economic Interest Grouping (E.I.G) » ;
-
the share of profits from joint ventures, which represents for the managing entity the amount of profits distributed to the non-managing partners. The counterpart is credited to account 458.
Foreign exchange losses on trade receivables and payables are debited to account 656 « Foreign exchange losses on trade receivables and payables ».
Account 657 « Book values of intangible and tangible fixed assets sold » is debited with the gross value, less any depreciation, of the fixed assets sold, credited to the relevant asset account.
