A firm had the following Balances on 1 January 1994:
(i) Provision for bad and doubtful debts Rs 2,500
(ii) Provision for discounts on debtors Rs 1,200
(iii) Provision for discounts on creditors Rs 1,000
During the year, bad debts amounted to Rs 2,000, discounts
allowed were Rs 100 and discounts received were Rs 200.
During 1995 bad debts amounting to Rs l,000 were written off
while discounts allowed and received were
Rs 2,000 and Rs 5,000 respectively.
Total debtors on 31 December, 1995 were Rs 48,000 before
writing off bad debts, but after allowing discounts. On
31 December, 1995, this amount was Rs 19,000 after writing
off the bad debts, but before allowing discounts.
Total creditors on these two dates were Rs 20,000 and Rs
It is the firmís policy to maintain a provision of 5%
against bad and doubtful debts and 2% for discount on debtors
and a provisions of 3% for discount on creditors.
Show the accounts relating to provisions on debtors and
provisions on creditors for the year 1994 and 1995.
what is the impact of bank garantee of rs 100000 on cash
flow statement which has been expired...& impact on bank
what tax will be on puchasing of sweets and is necessery to
use form 38.
as we are having are unit in a area where excise duty is not
applicable and on my purchase i am paying excise duty can i
take refund of the duty paid by me and what was is procedure?
plz. replay to my on my id email@example.com
We are working as Merchant Exporter. My Question is can we
Sale the products against 'H' Form to the Exporter after
purchasing the material against 'C' Form? Or only
Manufacturer can make sale against 'H' Form.