Tell me the General entry for provision for bad debts?
Answers were Sorted based on User's Feedback
Answer / dharma teja
Profit & Loss a/c Dr
To Bad Debts Provision
Is This Answer Correct ? | 20 Yes | 1 No |
Answer / rabindra kumar mallick
Bad debt a/c Dr.
To Provision for bad Debt a/c
Is This Answer Correct ? | 24 Yes | 10 No |
Answer / pg
P&L A/c Debit
To Provision for Bad Debt A/c Credit
(This is among the few entries that hit the P&L directly)
Is This Answer Correct ? | 12 Yes | 1 No |
Answer / padma@mba hr
If you have a general provision you can set-off the bad debt
against that account.
If you have a specific provision, you have to see whether he
has been provided for. If thats the case you just debit that
a/c. If that debtor is not individually provided for, you
have to write it off against the P&L account.
Again, normally companies have to give the breakup of the
provisions accounts in their financials. They have to show,
1. What is the actual bad debt
2. What are the general or specific provisions made during
the year.
Is This Answer Correct ? | 12 Yes | 6 No |
Answer / monit
P & L A/c Dr. XXX
TO PROVISION FOR BAD DEBTS A/c XXX .
Is This Answer Correct ? | 8 Yes | 3 No |
when provision is made
p&l a/c---dr
To bad debt provision a/c
when loss on account of bad debt recovered from bad debt
provision
bad debt a/c dr
To bad debt provision a/c
Is This Answer Correct ? | 3 Yes | 0 No |
Answer / afhjaehrjklehrk
dr bad debts
cr provision for bad dbets
Is This Answer Correct ? | 4 Yes | 2 No |
what are the three basic acounting principles.what is account reconcilliation.what is portfolio management
When determining turnover, do you first deduct all sales returns to come to an answer or is turnover the total sales without deductions.
Explain sensex?
what do you mean by debt equity ratio?
17 Answers Arvind, Capital IQ, Raymond, Su Kam,
tell me about accounting
Where will Contingent liability appears? And why it is not appear in Balance sheet?
13. The firm has 20,000 common shares authorized, 15,000 shares outstanding, and 3,000 shares of treasury stock. How much common equity shares are issued. a) 2,000 b) 5,000 c) 17,000 d) 18,000
8 Answers Capital IQ, FactSet Systems,
If you keep an amount for the office interior designing purpose what is the entry?
expand A D A
what is the formula for profit margin?
hi all, i'll be grateul if u can help me on this. I'v been selected as a PO in SBI. Simultaneously I'v got a job offer from British High Commission in New Delhi. Can anyone suggest which will be the better option??????????
hi guys, pls refer me how to preppare for Indian Bank exams.