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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 20 Chapter No 16
Following are the extract from the trial balance of a firm:
Trial Balance as at 31.3.2020
| Particulars | Debit | Credit | |
|---|---|---|---|
| Sundry debtors | 2,00,000 | ||
| Bad debts | 6,000 | ||
| Discount | 5,000 | ||
Adjustment information:
You are required to pass the necessary journal entries and show how the different items would appear in the profit and loss account and the balance sheet of the firm.
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| 31.3.2020 | Discount A/c | Dr. | 2,000 | ||
| To Sundry Debtors A/c | 2,000 | ||||
| (Being discount of ₹ 2,000 allowed to debtors) | |||||
| 31.3.2020 | Profit & Loss A/c | Dr. | 9,900 | ||
| To Provision for doubtful debts A/c | 9,900 | ||||
| (Being creation of provision for bad doubtful debts @5% on 1,98,000) | |||||
| 31.3.2020 | Profit & Loss A/c | Dr. | 5,643 | ||
| To Provision for discount on debtors A/c | 5,643 | ||||
| (Being provision for discount on debtors created @ 3% on ₹ 1,88,100) | |||||
Profit & Loss A/c for the year ended 31st March,2020
| Particulars | Amount | Particulars | Amount | ||
|---|---|---|---|---|---|
| To Bad debts | 6,000 | ||||
| Add: Further b/d | 9,900 | ||||
| 15,900 | |||||
| To Discount | 5,000 | ||||
| Add: Additional discount | 2,000 | ||||
| 7,000 | |||||
| Add: Provision for Discount | 12,643 | ||||
Balance Sheet As at 31st March, 2020
| Liabilities | Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Sundry Debtors | 2,00,000 | ||||
| Less: Add. Discount | 2,000 | ||||
| 1,98,000 | |||||
| Less: Provision | 9,900 | ||||
| 1,88,100 | |||||
| Less: Discount | 5,643 | 1,82,457 | |||
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Also, Check out the solved question of all Chapters: –
Chapter 1 Evolution of Accounting & Basic Accounting Terms
Chapter 2 Accounting Equations
Chapter 3 Meaning and Objectives of Accounting
Chapter 5 Books of Original Entry – Journal
Chapter 6 Accounting for Goods and Service Tax (GST) (Coming soon)
Chapter 7 Books of Original Entry – Cash Book (Coming soon)
Chapter 8 Books of Original Entry – Special Purpose Subsidiary Books (Coming soon)
Chapter 9 Ledger (Coming soon)
Chapter 10 Trial Balance and Errors (Coming soon)
Chapter 11 Bank Reconciliation Statement (Coming soon)
Chapter 12 Depreciation (Coming soon)
Chapter 13 Bills of Exchange (Coming soon)
Chapter 14 Generally Accepted Accounting Principles(GAAP)
Chapter 15 Bases of Accounting
Chapter 16 Accounting Standards and International Financial Reporting Standard(IFRS) (Coming soon)
Chapter 17 Capital and Revenue
Chapter 18 Provisions and Reserves
Chapter 19 Final Accounts (Coming soon)
Chapter 20 Final Accounts – With Adjustments (Coming soon)
Chapter 21 Errors and their Rectification (Coming soon)
Chapter 22 Accounts from Incomplete Records - Single Entry System (Coming soon)
Chapter 23 Accounts of Not-for-Profit Organisations (Coming soon)
Chapter 24 Computerised Accounting System (Coming soon)
Chapter 25 Introduction to Accounting Information System (Coming soon)
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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