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Question No 20 Chapter No 18
Bad bets and Provision
20. The following balances have been taken from the trial balance of Jagir Kaur as on 31st March 2018
| Ledger Account | (Dr. Rs) | (Cr. Rs) |
| Sundry Debtors | 26,000 | - |
| Bad debts | 3,500 | - |
Adjustments
Write off further bad debts Rs 2,000 give the adjusting entry and show how it will be treated in financial statements.
Adjustment entries
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Mar.31 | Bad debts A/c | Dr. | 2,000 | ||
| To Debtors A/c | 2,000 | ||||
| (Being bad debts written off.) | |||||
Profit & loss Account
| Particular |
Amount | Particular |
Amount | ||
|---|---|---|---|---|---|
| To Bad debts A/c | 3,500 | ||||
| Add: further bad debts. | 2,000 | 5,500 | |||
| - | - | ||||
Balance Sheet
| Labilities |
Amount | Assets |
Amount | ||
|---|---|---|---|---|---|
| Debtors. A/c | 26,000 | ||||
| Less: further bad debts | 2,000 | 24,000 | |||
| - | - | ||||
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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)
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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