While preparing its final accounts for the year ended 31st March, 2015 a company made a provision
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While preparing its final accounts for the year ended 31st March, 2015 a company made a provision for bad debts @ 4% of its total debtors (as per trend follows from the previous years). In the first week of March 2015, a debtor for ₹ 3,00,000 had suffered heavy loss due to an earthquake; the loss was not covered by any insurance policy. In April 2015 the debtor became a bankrupt. Can the company provide for the full loss arising out of insolvency of the debtor in the final accounts for the year ended 31st March, 2015?
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The companys decision to provide for the full loss arising from the insolvency of the debtor in its ...View the full answer
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Related Book For 
Corporate Accounting As Per The Companies Act 2013 Including Rules 2014 And 2015
ISBN: 9789352605569
2nd Edition
Authors: M Hanif, A Mukherjee
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