Dear All
pls. confirm the following entries passed in Tally-
Provision made for doubtful debts (on 31st March 2014)
1) P&L Dr. 4020
To Provision for Doubtful Debts Cr. 4020
Now, on May 15th We found that our bad debts are Rs. 6010/-
2) Provision for Doubtful debts Dr. 4020
P&L A/c Dr. 1990
To Petty Debtors A/c 6010
Pls. confirm whether above entries are correct or not? If no, pls pass correct entries in light of above amounts.
Thanks in advance