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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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Question 17 Chapter No 16 – Class 11 Unimax
From the following, pass journal entry and show the presentation of provision for doubtful debts in final accounts.
| Extracts of Trial Balance as at 31.3.2020 | ||
| Particulars | Debit | Credit |
|---|---|---|
| Bad debts | 5,000 | |
| Provision for doubtful debts 1.4.2019 | 6,000 | |
| Sundry debtors | 1,80,000 | |
Adjustment: provision for doubtful debts is to created @ 5% on sundry debtors.
Journal
| Date | Particulars |
L.F. | Debit | Credit | ||
|---|---|---|---|---|---|---|
| 31.3.2020 | Provision for doubtful debts A/c | Dr. | 5,000 | |||
| To Bad debts A/c | 5,000 | |||||
| (Being bad debts written off) | ||||||
| 31.3.2020 | Profit & Loss A/c | Dr. | 8,000 | |||
| To Provision for doubtful debts A/c | 8,000 | |||||
| (Being provision doubtful debts is created with the amount of difference) | ||||||
Profit & Loss A/c for the year ended 31st March,2020
| Particulars | Amount | Particulars | Amount | ||
|---|---|---|---|---|---|
| To bad debts | 5,000 | ||||
| Add: New provision | 9,000 | ||||
| 14,000 | |||||
| Less: Old provision | 6,000 | 8,000 | |||
| Balance Sheet As at 31st March, 2020 |
|||||
| Liabilities | Amount | Assets |
Amount | ||
|---|---|---|---|---|---|
| Sundry debtors | 1,80,000 | ||||
| Less: New Provision | 9,000 | 1,71,000 | |||
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Question 17 Chapter No 16 – Class 11 Unimax", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 16 - Financial Statements (With Adjustments) - Unimax.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question 17 Chapter No 16 – Class 11 Unimax" instantly.
