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Question No 23 Chapter No 18
Bad bets and Provision
23. On 1st April 2016 M/s Gopi Krishna had the provision of bad debt of Rs 6,500. on 31st March 2017, the total amounted to Rs 1,84,000 out of which Rs 4,000 were bad and had to be written off. The firm wants to maintain the provision of a bad debt at 5% of the debtors
On 31st March 2018, the total debtors amounted to Rs 1,03,200 out of which Rs 3,200 had to be written off as bad debts. The provision for bad debts is t be maintained at 5% of the debtors.
Show the bad debts account and Provision for bad debts Account for 2016-17 and 2017-18
| Provision for bad debts A/c |
|||||||
| Date | Particular |
Amount | Date | Particular |
Amount | ||
|---|---|---|---|---|---|---|---|
| 2017 | 2016 | ||||||
| Apr. 1 | By Provision for debts | 4,000 | |||||
| Mar. 31 | To S. debtors A/c | 4,000 | |||||
| 4,000 | 4,000 | ||||||
| 2018 | 2017 | ||||||
| Apr. 1 | By Provision for debts | 3,200 | |||||
| Mar. 31 | To S. debtors A/c | 3,200 | 2017 | ||||
| 3,200 | 3,200 | ||||||
| Provision for bad debts A/c |
|||||||
| Date | Particular |
Amount | Date | Particular |
Amount | ||
|---|---|---|---|---|---|---|---|
| 2017 | 2016 | ||||||
| Mar. 31 | To bad debts A/c | 4,000 | Apr. 1 | By Balance b/d | 6,500 | ||
| Mar. 31 | To Balance c/d | 9,000 | 2017 | ||||
| Mar. 31 | By P & L A/c | 6,500 | |||||
| 13,000 | 13,000 | ||||||
| 2018 | 2017 | ||||||
| Mar. 31 | To bad debts A/c | 3,200 | Apr. 1 | By Balance b/d | 9,000 | ||
| Mar. 31 | To S. debtors A/c | 5,000 | |||||
| Mar. 31 | To P & L A/c | 800 | |||||
| 9,000 | 9,000 | ||||||
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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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