Question No 05 Chapter No 14 – USHA Publication 11 Class

Question No 05 Chapter No 14

Question No 05 Chapter No 14

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

 

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: –

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Vouchers and transactions

Chapter No. 4 – Journal

Chapter No. 5 – Ledger

Chapter No. 6 – Cash Book

Chapter No. 7 – Other Subsidiary Books

Chapter No. 8 – Journal Proper

Chapter No. 9 – Trial Balance 

Chapter No. 10 – Bank Reconciliation Statement

Chapter No. 11 – Depreciation

Chapter No. 12 – Provisions and Reserves 

Chapter No. 13 – Bills of Exchange

Chapter No. 14 – Rectification of Errors 

Chapter No. 15 – Financial Statements – (Without Adjustments)

Chapter No. 16 – Financial Statements – (With Adjustments)

 

 

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