provision for bad debts, Accounting Basics

Assignment Help:
A business had always made a provision for doubtful debts at the rate of 5% of debtors. On 1 January 2017 the provision for doubtful debts brought forward from the previous year was $260. During the year to 31 December 2017, the bad debts written off amounted to $540. On 31 December 2015 the remaining debtors totalled $6 200 and the usual provision for doubtful debts is to be made.
Required:
a) The Bad Debts Account for the year ended 31 December 2015.
b) The Provision for Doubtful Debts for the year.
c) Extract of the Profit and Loss account for the year.
d) The relevant extract from the statement of financial position as at 31 December 2015

Related Discussions:- provision for bad debts

Introduction to Accounting, Hi Team, I want to get an accounting assignmen...

Hi Team, I want to get an accounting assignment to be done according to NZ university standards. It''s from basic accounting (introduction to accounting). Need to be done by 10th

Gender for the moment, The CPSdata to re-estimate the difference among aver...

The CPSdata to re-estimate the difference among average male and female pay. Use for example, the regression LS LNWAGE C FE a.  Can you avoid the hypothesis that mean female

Determine statement that indicate manufacturing diversity, Examine each of ...

Examine each of the items listed below to determine which items include statements that 3) would indicate that manufacturing diversity exists. Required: Label the items that inc

Total liabilities, A) During the year, total liabilities enhanced $106,010 ...

A) During the year, total liabilities enhanced $106,010 and stockholders' equity reduced $67,590. What is the amount of total assets at the end of the year? B)  If total assets e

Balancing of account, please i need to know how to solve question in balanc...

please i need to know how to solve question in balance sheet

Retiring partner, what all things do we have to treat in revaluation accoun...

what all things do we have to treat in revaluation account

Research state and local governmental financial accounting, You recently la...

You recently landed your dream job working for the state as an accountant. You are given the task to research several state and local governmental financial accounting issues. F

Effects of transaction, Effects of transaction An asset supplies...

Effects of transaction An asset supplies on hand increases (debited) as well as a liability accounts payable increases (credited) by USD 1400. The debit is to Supplies o

Final accounts, stpes to be taken prepaing for final accounts

stpes to be taken prepaing for final accounts

Accounting principles, Accounting Principles are the rules and guidelines t...

Accounting Principles are the rules and guidelines that companies should follow when reporting and accounting financial data. The general set of accounting principles are the gener

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