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Question No 03 Chapter No 14
Provision for Doubtful debit and for discount on Debtors
3. On 1stApril 2016 provision for doubtful debts account showed a credit balance of Rs 4,000. bad debts during the years 2016-17, 2017-18 and 2018-19 were Rs 2,600, Rs 1,300 and Rs 600 respectively. The debtors on 31st March 2017, 2018 and 2019 were Rs 40,000 , Rs 50,000 and Rs 18,000 respectively. Provision for doubtful debts is required to be maintained at 5% every years
Prepare Provision for Doubtful Account for three year period.
| Dr. | Provision for Doubtful Debts A/c | Cr. | |||||
| Dat | Particulars |
J.F. | Amount | Date | Particulars |
J.F. | Amount |
|---|---|---|---|---|---|---|---|
| 31/03/17 | To Bad debts A/c | 2,600 | 1/04/16 | By Balance b/d | 4,000 | ||
| 31/03/17 | By Balance C/d (40,000 x5%) |
2,000 | 31/03/17 | By Profit/Loss A/c | 600 | ||
| 4,600 | 4,600 | ||||||
| 31/03/18 | To Bad debts A/c | 1,300 | 01/04/17 | By Balance b/d | 2,000 | ||
| 31/03/18 | By Balance C/d (50,000 x5%) |
2,500 | 31/03/18 | By Profit/Loss A/c |
1,800 |
||
| 3,800 | 3,800 | ||||||
| 31/03/19 | To Bad debts A/c | 600 | 01/04/18 | By Balance b/d | 2,500 | ||
| 31/03/19 | To Profit/Loss A/c | 1,000 | |||||
| 31/03/19 | By Balance C/d (18,000 x5%) |
900 |
|||||
| 2,500 |
2,500 | ||||||
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Also, Check out the solved question of all Chapters: –
Chapter No. 2 - Theory Base of Accounting
Chapter No. 3 - Origin of Transactions
Chapter No. 4 - Vouchers and transactions
Chapter No. 6 - Accounting for Goods and Services Tax(GST)
Chapter No. 9 - Other Subsidiary Books
Chapter No. 10 - Journal Proper
Chapter No. 11 - Trial Balance
Chapter No. 12 - Bank Reconciliation Statement
Chapter No. 14 - Provisions and Reserves
Chapter No. 15 - Bills of Exchange
Chapter No. 16 - Rectification of Errors
Chapter No. 17 - Financial Statements - (Without Adjustments)
Chapter No. 18 - Financial Statements - (With Adjustments)
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.
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