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Question No 05 Chapter No 14
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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.
The solution of Question No 05 Chapter No 14: –
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 | 3,500 | ||
5,250 | 5,250 |
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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 (1,25,250 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: –
Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution
Chapter No. 2 – Theory Base of Accounting
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Chapter No. 3 – Origin of Transactions
Chapter No. 4 – Vouchers and transactions
Chapter No. 6 – Accounting for Goods and Services Tax(GST)
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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
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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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