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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?
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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 |
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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