Date: 8 JULY 2020 (Summary)
Topic: Admission of Partner: (Treatment of Bad Debts and Provision for Bad debts)
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(a) Provision for doubtful debts is created up to/equal to/at 20% of debtors. OR Debtors were revalued at book value less 20% provision for bad and doubtful debts.
(b) Provision for doubtful debts is raised to Rs.7,000.
(c) Provision for doubtful debts is reduced by Rs.3,000.
(d) Provision for doubtful debts is reduced to 10% on debtors.
(e) Provision for doubtful debts was found in excess by Rs. 1000.
(f) Bad debts to be written off Rs.6,000.
(g)All debtors are considered good. /Provision for doubtful debts is no longer required.
(h) An old customer, whose was written off as bad debts, has promised to pay Rs.1,000 in settlement of his account full debt of Rs.3,000.
(i) An amount of 1,000 due from Gopal, a debtor, was doubtful and a provision for the same was required.
Solution :
Assignment to be Done:
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