Provision for bad debts
Querist : Anonymous
can any one help me. My problem is our company has decided to make 5% provision for bad debts on debtors. So what will be the entry. I think
Bad debt (ind.exp in Tally) Dr 25000
To prov. For bad debts (s.debtors in Tally) Cr 25000
Then later if we have identify the bad debt amount only 15000. Then the entry
Prov.for bad debt Dr 15000
To Bad debts Cr 15000.
Is it correct? If not please rectify my two entry's.
It is an urgent request. Thanks in advance.
Querist : Anonymous
Prov. For bad debt under provision, ok. If the debtors account will decrease or not?
Regards
Querist : Anonymous
Querist : Anonymous
When it will be write off. ie at the time of Year end closing?. or at the time of firs entry
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