financial accounting, Financial Accounting

Assignment Help:
The following items are found in the trial balance of M/s Sharada Enterprise on 31st December, 2000.
10 marks
Summer 2013
Sundry Debtors Rs.160000
Bad Debts written off Rs 9000
Discount allowed to Debtors Rs. 1800
Reserve for Bad and doubtful Debts 31-12-1999 Rs. 16500
Reserve for discount on Debtors 31-12-1999 Rs. 3200
You are required to provide the bad and doubtful debts at 5% and for discount on debtors at 2%. Show the adjustments for bad debts, bad debts reserve, discount account, and provision for discount on debtors.

Related Discussions:- financial accounting

Assets, all types of assets

all types of assets

Illustrations of accounting policies-financial statement, Illustrations of ...

Illustrations of Accounting Policies A Ltd., has decided to change its policy of writing off borrowing costs to capitalizing the same. As at 31st December, 2003, the company had

Mathematics of investment and credits, 1) A magazine offers a one-year subs...

1) A magazine offers a one-year subscription at a cost of 15 with renewal the following year 16.50. Also offered is a two-year subscription at a cost of 28. What is the effective a

Trail balance, how solve the problems of trail balance?

how solve the problems of trail balance?

Determine the carrying amount, An item of plant was purchased for $100,000 ...

An item of plant was purchased for $100,000 on 1 January 2009. At that time its estimated residual value was $5,000. At 31 December 2009 prices, the residual value was estimated at

Ratios, equity share capital rs 10 200 10% preference share capital 80 15%...

equity share capital rs 10 200 10% preference share capital 80 15% debenture 20 profit before interest and taxes 60 proposed dividend 20 provision fo

Distribution to a beneficiary-trusts laws and accounts, Distribution to a b...

Distribution to a beneficiary Before distribution to a beneficiary, the investments will be re-valued and the profits or losses divided between the beneficiaries as follows:-

Assume the debt financing would cost 15 percent, Seattle Health Plans curre...

Seattle Health Plans currently uses zero debt financing.  Its operating income (EBIT) $1 million, and it pays taxes at a 40 percent rate.  It has $5 million in assests and because

Prepare journal entries - bussiness accounting, Question 1  Describe a...

Question 1  Describe and differentiate the four (4) different Financial Statements. HINT : use examples of actual companies or transactions to illustrate your answer. Give

Calculate the amount of profit or loss, On 1 January 2009, a company, Yeti,...

On 1 January 2009, a company, Yeti, granted an employee the right to choose between (i) 30,000 Yeti shares or (ii) a cash-payment equivalent to the price of 24,000 Yeti shares on 3

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd