Question No 03 Chapter No 14

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.

The solution of Question No 03 Chapter No 14: –

Dr.Provision for Doubtful Debts A/cCr.
DatParticulars
J.F.AmountDateParticulars
J.F.Amount
31/03/17To Bad debts A/c 2,6001/04/16By Balance b/d 4,000
31/03/17By Balance C/d
(40,000 x5%)
 2,00031/03/17By Profit/Loss A/c 600
   4,600   4,600
31/03/18To Bad debts A/c 2,00,00001/04/17By Balance b/d 2,000
31/03/18By Balance C/d
(50,000 x5%)
 2,50031/03/18By Profit/Loss A/c
 1,800
   3,800   3,800
31/03/19To Bad debts A/c 60001/04/18By Balance b/d 2,500
31/03/19To Profit/Loss A/c 1,00    
31/03/19By Balance C/d
(18,000 x5%)
 900
    
   2,500
   2,500


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Also, Check out the solved question of all Chapters: –

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

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)

 

 

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