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Tell me the General entry for provision for bad debts?
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Answer Posted / swati jain
Provision for Bad Debts a/c Dr
To Bad debts a/c
Profit & Loss a/c Dr
To Provision For Bad debts a/c
(Being provision made out of profit)
Final entry being:
Profit & Loss a/c Dr
To Bad Debtsa/c
Provisions* are always made out of profits
* any type of provision
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