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Categories >> Accounting >> Accounting General
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
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 Accounting General interview questions  Accounting General Interview Questions (2832)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4369)
Question
Difference between reserves for bad debts & provision for
bad debts.
 Question Submitted By :: Accounting-General
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
company will kept some amount as reserve for bad debts in advance.if any debt becomes bad then it will realise from reserve..that is known as reserves for bad debts.

Any debit is in a position of becoming insolvent or unpaid,those debt is called provision for bad debts
 
Is This Answer Correct ?    16 Yes 1 No
Pramod
 
Answer
# 2
PROVISION IS KEPT WITH THE NAME OF A PARTICULAR LIABILITY
AND IT IS CHARGET TO PROFIT AND LOSS ACCOUNT WHERE AS
RESERVE IS KEPT FROM PROFIT AND LOSS APPROPRATION ACCOUNT
FOR GENERAL PURPOSE TO UTILIZE OR ORGANIZATION EXPANSION
 
Is This Answer Correct ?    6 Yes 3 No
Irfan Khan
 
 
 
Answer
# 3
Reserve is an appropriation on profit and created only if
company earns profit and shown in profit and loss
appropriation account.

Provision charged against profit and created either earn
profit or incur loss and shown in profit and loss account.
 
Is This Answer Correct ?    4 Yes 1 No
Navaneeth
 
Answer
# 4
PROVISION IS KEPT TO MEET THE ASSUMED LIABILITY IN FUTURE
IN ALL COMPANY.
RESERVE FOR BAD DEBT. WE KEPT THIS RESERVE TO OVERCOME FROM
THE LOSS WHICH WILL OCCUR DUE TO BAD DEBT...
 
Is This Answer Correct ?    0 Yes 3 No
Raju Gupta
 

 
 
 
Other Accounting General Interview Questions
 
  Question Asked @ Answers
 
6, state with reasons wheather the following items are capital expenditure or revenue expenditure i, A factory building was constructed at a cost rs 1500000 a sum of rs 64000 were incurred for the construction of huts for storing building materials ii, rs 5000 paid for removal of stock to a new site iii, expenses incurred in connection with obtaining a license to start the business were rs 15000   1
what is the finalisation of accounts,   1
pl. tel me what is the entry for this transaction 1)i deposited rs.10,000 t/w. dealer ship deposit 2)the goodwill amount 1 lakh brought by raju was appoprtioned and paid to the existing parteners eswar,mahesh,ravi as per their sharing ratios 38% , 24%, 38%   1
1. what is the general Percentage in india (%) of Deprication for Furniture, building Other Assests like Company Car, and COmputer and Airconditioner etc., Waiting for Answers   6
what is accrual concept? Genpact 7
Perpose of charge the excise duty?   2
journal entry of outstanding salary   11
How to File CST & VAT? IBM 1
Under which category in the balace sheet will closing stock appear Banking 3
Diff between Income & Expenditure A/c AND P/L a/c.   2
What do you mean by trial balance?   5
What is 'Rights Issue' ?   5
 
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