On 01-01-2007 the provision for doubtful debts a c stood at Rs-02157

Online Quiz This subjective question is related to the book/course vu mgt611 Business & Labor Law. It can also be found in vu mgt611 Mid Term Solved Past Paper No. 2.

Question 1: On 01-01-2007, the provision for doubtful debts a/c stood at Rs. 12,000 (credit balance). In 2007, the bad debts are amounted to Rs. 10,000. The debtors on 31-12-2007 are amounted to Rs. 3, 20,000 and a provision for doubtful debt to be maintained @ 5%.
Required:
Show Journal entries and also show how the items will appear in Profit and Loss account and Balance sheet. (Show complete working where it is necessary)

Answer:

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