provision for bad debts, Financial Accounting

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

Compensation, how to treat salary compensation given to an employee how to ...

how to treat salary compensation given to an employee how to show this in company account

Accounting standard, redemption of debentures by sinking fund method

redemption of debentures by sinking fund method

Please prepare an income statement, Simons Corp has unadjusted net income f...

Simons Corp has unadjusted net income from continuing operations before tax of $168,000 before the following items were entered in the accounting records in 2013: 1. Unrealized

Identify the reportable business segments, Juniper Ltd is a listed diversif...

Juniper Ltd is a listed diversified company.  In preparing its financial statements in accordance with AASB 8, the chief operating officer has identified three operating segments:

ACCOUTING, Ask questio. You have been appointed the accountant of a new org...

Ask questio. You have been appointed the accountant of a new organisation that is preparing its first set of financial statements. In determining the depreciation for the first yea

Time for disclaimer-bankruptcy and liquidation, Time for disclaimer The...

Time for disclaimer The trustee may disclaim in writing at any time within twelve months of his appointment, or of becoming aware of the property, or such extended period as th

Modern techniques economic order quantity, The economic demand quantity can...

The economic demand quantity can also be found out with the assist of a graph. In this technique ordering cost, carrying cost and total inventory costs as per various lot sizes are

Investors advantage from financial intermediation, Q. Investors advantage f...

Q. Investors advantage from financial intermediation? Investors advantage substantially from financial intermediation because: (a) By investing in a market or bank investors

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