While preparing its final accounts for the year ended 31st March, 2015 a company made a provision
Question:
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?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 40% (5 reviews)
The companys decision to provide for the full loss arising from the insolvency of the debtor in its ...View the full answer
Answered By
Mark Odhiambo Odero
As a Bachelor of Education graduate from KIbabii University and an assistant lecturer at JKUAT, I have gained extensive experience and developed professional qualities that make me a great candidate for an academic writer at SolutionInn.
Firstly, I have a strong passion for education and tutoring. This passion has motivated me to pursue a career in education and has helped me to become an effective educator. I believe that education is the key to unlocking the potential of individuals, and I am committed to helping students achieve their full potential. My passion for education has also helped me to stay up-to-date with the latest developments in education and teaching methodologies.
Secondly, I possess excellent communication skills. Communication is an essential aspect of education, and as an assistant lecturer, I have developed effective communication skills that have helped me to interact with students, colleagues, and senior lecturers effectively. I am able to communicate complex ideas in a simple and understandable way, and this has helped me to build strong relationships with my students.
Thirdly, I have strong organizational skills. As an assistant lecturer, I am responsible for preparing course materials, grading assignments, and keeping track of student progress. These responsibilities require a high level of organization and attention to detail, and I have developed effective organizational skills that enable me to manage these tasks effectively. These skills will be useful in my role as an academic writer at SolutionInn, where I will be required to manage multiple projects and meet tight deadlines.
Fourthly, I am a self-motivated and proactive individual. I take the initiative to identify problems and find solutions to them, and I am always willing to go the extra mile to ensure that I deliver high-quality work. I am also a fast learner and can adapt to new situations quickly, which is essential in the fast-paced world of academic writing.
Lastly, I possess excellent research skills. As an academic writer, research is an essential aspect of my job, and I have developed effective research skills that enable me to find relevant and reliable information quickly. I am also proficient in using various research tools and software, which will be useful in my role as an academic writer.
In conclusion, my professional qualities make me a suitable candidate for an academic writer at SolutionInn. I am passionate about education, possess excellent communication and organizational skills, am self-motivated and proactive, and have excellent research skills. I believe that these qualities will enable me to deliver high-quality work and help students achieve their academic goals.
0.00
0 Reviews
10+ Question Solved
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
Question Posted:
Students also viewed these Business questions
-
Question 1 This question has two parts, (A) and (B). Answer both parts. 100% Liverpool plc is a company that manufactures a number of different types of electrical goods and has a year end of 31...
-
The computation and publication of earnings per share (EPS) figures by listed companies are governed by IAS 33 Earnings per Share. Notes: 1 Called-up share capital of Nottingham Industries plc: In...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Matching Financial Statement Items to Financial Statement Categories According to its annual report, P&Gs more than 250 brands include Pampers, Tide, Ariel, Always, Whisper, Pantene, Bounty,...
-
The Rockwell Corporation uses a periodic inventory system and has used the FIFO cost method since inception of the company in 1974. In 2011, the company decided to change to the average cost method....
-
What is the rule of thumb governing the expected level of the current ratio? What risks are there in using this rule of thumb for analysis?
-
(a) In Figure 7.5, what is the momentum of the ball during the collision? (b) Is the momentum of the ball constant before, during, and after the collision? If so, why? If not, why not, and for what...
-
The density of a fluid is given by the empirical equation p = 70.5 exp (8.27 x 10 -7 p) where p is density (lbm/ft 3 ) and P is pressure (lbf/in. 2 ). (a) What are the units of 70.5 and 8.27 x 10 -7...
-
You are planning a 30-day vacation in Malaysia in one year's time. The present charge for a luxury suite plus meals is RM760.00 per day and the RM is presently trading at RM 3.8000/$. Hence the $...
-
Dilution is A. The reduction in the earnings per share B. The increase in the earnings per share C. The reduction in net loss per share
-
An enterprise should present basic and diluted earnings per share A. On the face of the balance sheet B. On the face of the profit and loss account C. In directors report
-
A tourist attraction gets over 50,000 visitors a year, but traffic has declined over the last few years. The manager has recently refurbished the buildings, added new activities, and generally...
-
Prepare journal entries to record the following transactions. a. Purchased $490 of supplies on credit. b. Completed $690 of work for a client on credit. c. Paid $490 cash towards the amount owed from...
-
State the principle of hierarchy of controls, critically explaining the principle of each of the hierarchy of control with an example.
-
then 1 A-1 = 2 CO 6 -1 -1 0 1 0 -5 Given b == 3 -4, solve Ax = b using A-. -2 T8 || 5 10 6 A = -5 -11 -6 1 2 1
-
Explain how does beliefs and attitude affects consumer purchase behavior's. 2. Explain how can marketers avoid selective distortion in customers. 3. Explain the 4 types of buying behavior with...
-
State both a positive and negative position on the following question. then, take one position and defend it. 1. Is it appropriate for a professional educator to advise a more capable student to go...
-
What is the difference between a primary market and a secondary market?
-
A genetically engineered strain of Escherichia coli (E. coli) is used to synthesize human insulin for people suffering from type I diabetes mellitus. In the following simplified reaction scheme,...
-
Define the term constructive receipt. Explain its importance.
-
Explain three restrictions on the concept of constructive receipt.
-
When is income considered to be earned by an accrual-basis taxpayer?
-
5. Draw a graph showing the relaxation modulus as a function of the temperature for an amorphous thermoplastic polymer and for a semi- crystalline thermoplastic polymer. Draw the two curves on the...
-
4. Material A is a thermoset polymer. Material B is an amorphous thermoplastic polymer with T = -25C and T = 175C. At room temperature, which of the two materials is likely to be: a) more brittle? b)...
-
Steel tubes are tested in the quality control division of the company. The compression and torsion test are performed on a 60 mm-diameter steel tube with a wall thickness of 3 mm and a length of 300...
Study smarter with the SolutionInn App