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what is journal entry of reserve for doutful debts.
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Answer / arjun kumar
debit the company reserves a/c
credit the reserve for doubtfil debts A/c
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Answer / genius
Reserve for doubtful debts or Bad debts
Profit & loss A/c.......Dr.
To Provision for bad debts or doubtful debts A/c
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Answer / v sakkthivel
Reserve for bad debts
When sundry debitors fail to return for sum of amount ,
the company reserve some precentage of sum on surdry
debitors to waive off to avoid impending loss to the
compay .
Example: Sundry debitors Rs 2000
Bad and doubtful debts 200
Reserve for bad debts 15%
In assests side Sundry debitors 2000
Less reser for bad debts-300
bad debts 200 reserve is 300 exces 100
will be profit side of profit and loss account.( credit
side)
If bad debts exceeds the reseve will in profit and loss
account debit side
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A has to pay to B Rs. 10000 but C pay pay Rs. 10000 to B on behalf of A. What will be the journal entry in all the three persons.
What is the Difference Between P & L A/C and Income and Expenditure A/C ?
1. During the current period, ABC Ltd sold 60,000 units of product at Rs. 30 per unit. At the beginning for the period, there were 10,000 units in inventory and ABC Ltd manufactured 50,000 units during the period. The manufacturing costs and selling and administrative expenses were as follows: Total cost Number of units Unit cost Rs. Rs. Beginning inventory: Direct materials 67,000 10,000 6.70 Direct labour 1,55,000 10,000 15.50 Variable factory overhead 18,000 10,000 1.80 Fixed factory overhead 20,000 10,000 2.00 Total 2,60,000 26.00 Current period costs: Direct materials 3,50,000 50,000 7.00 Direct labour 8,10,000 50,000 16.20 Variable factory overhead 90,000 50,000 1.80 Fixed factory overhead 1,00,000 50,000 2.00 Total 13,50,000 27.00 Selling and administrative expenses: Variable 65,000 Fixed 45,000 Total 1,10,000 Instructions: 1. Prepare an income statement based on the variable costing concept. 2. Prepare an income statement based on the absorption costing concept. 3. Give the reason for the difference in the amount of income from operations in 1 and 2.
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