Answer Posted / syed mohd ziya
provisions are made for definite expected losses and
reserves are made to meet out the cotingencies.
bad debts- nominal nature- loss
all expences and losses are debited, gains are credited.
journal entry:-
profit and loss a/c Dr
To provision for bad & doubtfull debts
2- bad debts a/c Dr
TO debtors a/c
Is This Answer Correct ? | 12 Yes | 0 No |
Post New Answer View All Answers
How to prepare HSD statements in tally
WHY CST CHARGED BILLS ARE RETAIL INVOICES.IT CANT BE TAX INVOICE.
If we started new project of Housing with Construction linked payment plan . How can booked our revenue or Sales .
How Advances to suppliers for purchase of raw materials is to be considered while calculating Drawing Power
Define balancing in accounting?
What is meant by daily accrual and booking?
Tell me what do you think is bank reconciliation statement?
What is full rate on plywood box in haryana sale tax:
Explain me where a cash discount should be recorded in journal entry?
what is groups and and ledgers in tally can you give why we need to prepare them
dear sir,how to maintain petty cash book. its voucher and posting on cash book and ledger A/c?
Under what type of account do the unearned revenues fall?
What is the acceptable accounting procedure when an error is detected in a general ledger account? Explain why such a procedure is followed?
what is the basic difference between pooling of interest method and purchase method in amalgamation
How can pass reverse entry to close the account. If the Asset sides is greater then liabilities side and vice versa, then what can I do.