Final accounts

This query is : Resolved

umesh (Querist)
Follow

30 August 2013 In a concern, the opening provision of doubtful debts is 51000. During the year a sum of 10000 was written off as bad debts . The closing balance of sundry debtors amounts to 630000. It was decided that 10% of the debtors is to maintained as provision . Calculate the closing balance towards the provision for doubtful debts and pass journal entry for the given effect of provision maintained ???

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

30 August 2013 Provision for Doubtful Debts - 51,000
Less: Bad debts during the year - 10,000
Balance - 41,000

Closing balance of debtors - 630000
Closing balance required on provision for doubtful debts - 6,30,000*10% = 63,000

Current balance on provision for doubtful debts = Rs. 41,000

Additional provision required = 63000 -41000 = 22000

Entry:

P&L A/c Dr 22,000
To Provision for Doubtful Debts 22,000

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Jayesh Pipalwa

George Innocent

Mukund Thakur

arya yashu

Rajat Khandelwal

Subscribe Now

Final accounts

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

GST CONSULTANCY

Accountant

GST CONSULTANT

Manager- Finance and Compliance

Article Assistant