Question No 07 Chapter No 14

Question No 07 Chapter No 14

Provision for Doubtful debit and for discount on Debtors

7. In a concern, where the current expenditure on repairs is comparatively low it is anticipated that expenditure in subsequent period will be considerable, you find that repair reserve is created and credited every year for Rs 90,000
If the actual repair amounted to Rs 9,000, Rs 21,000 and Rs 33,000 in three years respectively what would be the revenue charges for three respective years.

The solution of Question No 07 Chapter No 14: –

Dr.Provision for Doubtful Debts A/cCr.
DatParticulars
J.F.AmountDateParticulars
J.F.Amount
 To Bank A/c(repairs) 9,000IBy Balance b/d 90,000
 By Balance C/d 81,000    
   90,000   90,000
 To Bad debts A/c 21,000IIBy Balance b/d 81,000
     By Profit/Loss A/c 90,000
 By Balance C/d 1,50,000    
   1,71,000   1,71,000
 To Bad debts A/c 33,000IIIBy Balance b/d 1,50,000
 By Balance C/d 2,07,000
 By Profit/Loss A/c 90,000
   2,40,000   2,40,000


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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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