final accounts
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 October 2010
please any one tell me the difference between provision for bad debts and reserve for bad debts?
11 October 2010
Hi
Provision for bad debt, reserve for doubtful debts or allowance for doubtful accounts are all the same. It's a contra account created for accounts receivable that is due but not yet paid. If the receivable has been long overdue, it may be written off, depending on company's policies how long before receivables could be written off.
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Regards
Provision for bad debt, reserve for doubtful debts or allowance for doubtful accounts are all the same. It's a contra account created for accounts receivable that is due but not yet paid. If the receivable has been long overdue, it may be written off, depending on company's policies how long before receivables could be written off.
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