Question No 24 Chapter No 18 – USHA Publication 11 Class

Question No 24 Chapter No 18

Question No 24 Chapter No 18

Bad bets and Provision

24.The following items are found in the trial balances of Parkash Singh on 31st March 2019:

 Dr. RsCr. Rs
Debtors40,000
Bad debts4,000
Provision for bad debts (1.4.2018)3,000

Adjustment:
Provision for bad debts @5% and provision for discount @2% on debtors is to be maintained.
Show how these items will appear in the financial statement of 2018-19

 

The solution of Question No 24 Chapter No 18:-

 

Profit & Loss Account for the year 31st March 2019
Particular
AmountParticular
Amount
To Bad debts A/c4,000    
Add: New provision for bad debts2,000    
Less: old provision for bad debts3,0003,000   
To new provision for discount on debtors
(40,000-2,000)X 2%
 760   
      

 

Balance sheet for the year 31st March 2019
Particular
AmountParticular
Amount
   Debtors40,000 
   Less: new provision2,000 
   Less: provision for discount76037,340
      
      

 

Final Accounts: Definition and Explanation

 

Profit and Loss Account: Meaning, Format & Examples

 

Balance Sheet: Meaning, Format & Examples

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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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