Trial balance as on March 31, 2010 showed Sundry Debtors of 50,000; Bad Debts 2,500; Discount
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Trial balance as on March 31, 2010 showed Sundry Debtors of ₹ 50,000; Bad Debts₹ 2,500; Discount Allowed ₹ 550; Provision for Doubtful Debts ₹ 2,200 and Provision for Discount on Debtors ₹ 760. It was decided to maintain provision for doubtful debts @ 4% of debtors and provision for discount on debtors @ 1% for next financial year. Show how both of these provisions are to be maintained and projected in the final accounts.
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