Trial balance as on March 31, 2010 showed Sundry Debtors of 40,000; Bad Debts 2,700;
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Trial balance as on March 31, 2010 showed Sundry Debtors of ₹ 40,000; Bad Debts ₹ 2,700; Discount Allowed ₹ 250 and Provision for Doubtful Debts ₹ 3,500. It was decided to maintain provision for doubtful debts @ 5% of debtors and provision for discount on debtors @ 2% for next financial year. Show how both of these provisions are to be maintained and projected in the final accounts.
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i Here actual bad debts of 2700 is to be transferred to Provision for Doubtful Debts already existin...View the full answer
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