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what is the difference between provision for bad debts and
reserve for bad debts?
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Answer Posted / raghava kumar .i
provision means to kept aside of amount for the expected
losses.and reserve is to kept the amount aside to specific
purpose.when provision is reserved for bad debts or reserve
is created for bad debts is same for confussion they asked
like.provision for bad debts entry is .
profit and loss a/c ------------dr
to provision for baddebts a/c
(beeing provision created for baddebts.)
| Is This Answer Correct ? | 17 Yes | 6 No |
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Can you please help me calculate the pre tax profit for credit card for 2014 using the following Assumptions. Request you to list the steps used. Charges Late fee £12 per occurrence Over limit fee £10 per occurrence Cash fees 3% of cash withdrawal value Annual Fee £25 per account, per year Interchange 1% of transaction value KPIs Accounts overdue 10% per month Accounts over limit 15% per month Average APR 30% Balances revolving 90% of balance Average balance £900 at end of 2013 Expected growth in average balance (2014) 10% per annum Assumptions Open accounts 200,000 at 2013 year-end New accounts booked 5,000 per month Annual operating cost £50 per open account Cost of Acquisition £50 per account Provision rate 9% of total balances Annual cost of funds 4% by balance Charge off Unit charge-off rate in 2014 11% of accounts at 2013 year-end Unit charge-off rate in 2014 0% of accounts booked in 2014 Post charge-off recoveries 20% of balance Account Transactions Monthly turnover 5% of total month end balances Cash advances 20% of monthly turnover Additional Assumptions Please state any additional assumptions you have made to calculate your answer Thanks in advance,
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