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An amount of $287 written off as a bad debt in a previous
accounting period was received from photo services.

How to pass the journal entry?

Answers were Sorted based on User's Feedback



An amount of $287 written off as a bad debt in a previous accounting period was received from phot..

Answer / ajaya kumar nanda

Dear friend :- create a new head 'Bad Debt Recovered A/c'

Accounting treatment:-
1.When Recive
Cash A/c Dr.

To Bad Debt Recovered A/c.

Being the amount recoverted from Photo Service which was
previously Written off Bad.)
2.Bad Recovered transfer to P&L Account.
Bad Debt Recovered A/c Dr.
To Profit & Loss A/c
(Being Bad debtRevovered transfer to P& L A/c.)

Is This Answer Correct ?    9 Yes 0 No

An amount of $287 written off as a bad debt in a previous accounting period was received from phot..

Answer / amit kumar tiwari

Dear Friend:-Create a head of Rebate & discount under
Profit and loss account and pass Journal entry. You can
pass both entries when you write off Dr. Balance or Cr.
Balance.

Rebate & Discount Dr. $286.00
To Party $286.00

(Being Amount transferred to Profit Loss account)

Is This Answer Correct ?    2 Yes 5 No

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