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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 05 Chapter No 14
Provision for Doubtful debit and for discount on Debtors
5. The following balance appeared inn the book of Mamta Banerjee on 1st April 2017:
| Rs | |
| Sundry Debtors | 85,000 |
| Provision for bad and doubtful debts | 1,700 |
| Provision for discount on debtors | 1,666 |
On 31st March, 2018 debtors were Rs 1,25,000. during the year, bad debts amounted to Rs 1,500 and discount allowed Rs 166. you required to create 3% provision for doubtful debts and 2% discount on Debtors.
Prepare the necessary account.
| Dr. | Provision for Doubtful Debts A/c | Cr. | |||||
| Dat | Particulars |
J.F. | Amount | Date | Particulars |
J.F. | Amount |
|---|---|---|---|---|---|---|---|
| 31/03/19 | To Bad debts A/c | 1,500 | 01/04/18 | By Balance b/d | 1,700 | ||
| 31/03/19 | By Balance C/d (1,25,000 x3%) |
3,750 |
31/03/19 | By Profit/Loss A/c | 3,550 | ||
| 5,250 | 5,250 | ||||||
| Dr. | Provision for Doubtful Debts A/c | Cr. | |||||
| Dat | Particulars |
J.F. | Amount | Date | Particulars |
J.F. | Amount |
|---|---|---|---|---|---|---|---|
| 31/03/19 | To Bad debts A/c | 166 | 01/04/18 | By Balance b/d | 1,666 | ||
| 31/03/19 | By Balance C/d (1,21,250 x2%) |
2,425 |
31/03/19 | By Profit/Loss A/c | 925 | ||
| 2,591 | 2,591 | ||||||
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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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