Define depreciation and its types?

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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 25,000 respectively. It is the firm’s 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.

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how many types of errors?

1 Answers   IBM,

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which date is effected in books related bank recancilation transaction date or value date?

1 Answers   JK Associates,

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what is dmat charges?

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What do you mean by Rollforward and open item in Accounts Reconciliation?

1 Answers  

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What is mis report , how to prepare mis report for general ledger?

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. Expenses a/c. Dr. To vendor a/c. Cr. What is an impact of this transaction on business

2 Answers   Genpact,

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what is deemed assesse?

1 Answers  

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What is the entry to be passed on receiving the tds certificate in the books of the deductee?

0 Answers   Muthoot Group,

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why we are considering the net profit as liable in balance sheet

5 Answers  

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Can share warrants issued by the company be considered as potential equity shares? If yes, then will it be considered for calculating dilutive EPS?

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