The following is an extract from the Trial balance of Tjikuzu Wholesalers as at 30 November 2012.

Fantastic news! We've Found the answer you've been seeking!

Question:

Debtors N$38,000

Provision for doubtful debts N$2,000

Adjustments at 30 November 2012

1. Accounts of debtors written off as irrecoverable, N$3,000

2. Provision for doubtful debts to be maintained at 5% of the debtors.

Required

a) Prepare the provision for doubtful debts account.

b) Explain the term provision for doubtful debts

Related Book For answer-question

Financial Accounting and Reporting

ISBN: 978-0273744443

14th Edition

Authors: Barry Elliott, Jamie Elliott

See More Books

Posted Date: Apr 12, 2023 02:02 AM

See More Questions

Calculate the new profit sharing ratio after the admission of Fischer. Assignment Ubisoft Entertainment is a partnership of exclusive game distributors who specialize in electronic arts and play...
b Write a mechanism for the step shown below, using curved arrows to show electron redistribution. Arrow-pushing Instructions CH;CH OCH,CH3 > H H OCH,CH,
You are a sales manager for your firm and you have been requested to use linear regression to project sales for next year. a. Develop the linear model and report out the regression equation. b....
On 1 June 2019, Manchester United Ltd bought 48 million ordinary shares in Chelsea FC Ltd paying GHS 280 million cash. The summarised statement of financial position for the two entities as at 31...
Three lottery tickets for first, second, and third prizes are drawn from a group of 40 tickets. Find the number of sample points in S for awarding the 3 prizes if each contestant holds only 1 ticket.
Write two challenges of AnyAccount stability pattern.
Automakers provide an interesting study in cost management strategies. General Motors often provides a contrast to other U.S. manufacturers in that approximately 46,000 of its workers are...
Omar Corporation paid one of its sales representatives $4,300 during the month of March. The rep is paid a base salary plus $15 per unit of product sold. During March, the rep sold 200 units....
State of Economy Recession 5 Normal Irrational exuberance Probability of State of Economy Rate of Return If State Occurs Stock I Stock II 15 .03 -.23 .70 .20 .09 15 .08 .43 es The market risk premium...
Huey and Dunham (1987) measured the running speed of fence lizards, Sceloporus merriami, in Big Bend National Park in Texas. Individual lizards were captured and placed in a 2.3-meter raceway, where...
If a product market takes $1,000 to enter the market, and has a 80% chance of producing being a good and a 20% chance of being a bad market, and good means the $1,000 will return $500 in addition to...
Find the number of atoms in a copper rod with a length of 9.65 cm and a radius of 1.10 cm. The density of copper is 8.96 g/cm. Express the number of atoms to three significant figures.
Assume that a perfectly competitive market in long-run equilibrium with firms earning zero profit experiences a sudden increase in demand for its good. in marginal revenue will cause firms to As a...
An organization has a class C network id 200.9,15 and wants to design subnets for four departments with the following requirements. Department Marketing Finance Sales IT Number of hosts 90 41 29 18...
Two particles are fixed to an x axis: particle 1 of charge -5.80 x 107 C is at the origin and particle 2 of charge +5.80 x 107 C is at x2- 20.0 cm. Midway between the particles, what is the magnitude...
Cash $3,240 Accounts Receivable 3,924 Supplies 3,672 Prepaid Insurance 1,800 Equipment 7,680 Accum. Depr. - Equipment $1,296 Accounts Payable 1,014 Long Term Notes Payable 8,400 Common Stock 2,400...
Solving a Linear Equation Solve and check: 8x3(x-4)=3(x-4) +6
A routine activity such as pumping gasoline can be related to many of the concepts studied in this text. Suppose that premium unleaded costs $3.75 per gal. Work Exercises in order. Use the...
The following are the accounts of Bouncy plc, a company that manufactures playground equipment, for the year ended 30 November 20X6. The directors are considering two schemes to raise...
At 31 October 20X0, Lytax Ltd was engaged in various contracts including five long-term contracts, details of which are given below: It is not expected that any customers will default on their...
Discuss the arguments for and against discounting the deferred tax charge.
When should standard costs be established and how often should such standards be changed?
Standard costs can be set too high or too low for motivational purposes. Comment.
Define standard costs and describe how they are developed.

The following is an extract from the Trial balance of Tjikuzu Wholesalers as at 30 November 2012.

Question:

Expert Answer:

a Provision for doubtful debts account Date Nov 30 2012 Nov 30 2012 Nov 30 2012 Nov 30 201... View the full answer

Financial Accounting and Reporting

Students also viewed these accounting questions