Interested to Buy Any Domain ? << Click Here >> for more details...
A firm had the following Balances on 1 January 1994:
(i) Provision for bad and doubtful debts Rs 2,500
(ii) Provision for discounts on debtors Rs 1,200
(iii) Provision for discounts on creditors Rs 1,000
During the year, bad debts amounted to Rs 2,000, discounts
allowed were Rs 100 and discounts received were Rs 200.
During 1995 bad debts amounting to Rs l,000 were written off
while discounts allowed and received were
Rs 2,000 and Rs 5,000 respectively.
Total debtors on 31 December, 1995 were Rs 48,000 before
writing off bad debts, but after allowing discounts. On
31 December, 1995, this amount was Rs 19,000 after writing
off the bad debts, but before allowing discounts.
Total creditors on these two dates were Rs 20,000 and Rs
25,000 respectively.
It is the firm’s policy to maintain a provision of 5%
against bad and doubtful debts and 2% for discount on debtors
and a provisions of 3% for discount on creditors.
Show the accounts relating to provisions on debtors and
provisions on creditors for the year 1994 and 1995.
- 0 Answers
- 2058 Views
- I also Faced
- E-Mail Answers
No Answer is Posted For this Question
Be the First to Post Answer
what is meant by debit and credit
In which group " charity" will come under.....in tally?
what made you take up present subject/area of specialization and what would you define as your career objectives
Please answer me for the followings 1. i taken an office on January @ rent 28000.00 for one year and i paid 14000.00 as first payment balance will be paid on august. in tally how we post this and under which account especially balance 14000.0 under which account. 2.i have taken a loan from mr. A the amount is 100000.00 on January and the interest i need to pay on march 21000.00 the interest which iam going to pay is liability not a expense and it will be a expense in future, how we can post this also in tally and under which account. please somebody guide me who knows regards niyas es
Under which category in the balace sheet will closing stock appear
what is differnce between Investment banker and intvestment manager????
Contents of an Invoice receipt
What is the Difference Between Limited Co. and Pvt. Ltd. Co. ?
Name three (3) equity security data points
when cheque deposited into bank, how to enter in tally?
Hi Everybody, 1). Can anybody tell me the Journal entry for Bank charges Rs.100 and under which account it will come. 2). Received interest from Bank what is the journal entry, under which account it will come, Awaiting for soonest reply, Thanks, Khan
What is Reserve & Surplus? Plz give me with some Example.
10 Answers Bank Of India, Genpact, iGate,
Audit 
