Question: Answer Fast and plz don't copy I really need help Give me a detailed Explanation The following balances are taken from the trial balance of

Answer Fast and plz don't copy I really need help Give me a detailed Explanation

Answer Fast and plz don't copy I really need help Give me

The following balances are taken from the trial balance of Mike as on 31-03-2015. Debtors 2,00,000 Bad Debts 10,000 400 Bad Debt reserve 5000 Discount Reserve on Debtors Discount Allowed 600 Adjustments: (1) Write off $6000 as Bad debts from Debtors. (2) Provision for doubtful debts at 5% is to be made on debtors (3) Provision for discount reserve on Debtors at 1% is to be made. Prepare profit and loss A/C and Balance Sheet of Mike for the year ending on 31-03-2015

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

only question 2.. plz help me.. im offering all my credits. i swear... Faculty of Business, Economics & Accounting Department of Accounting and Finance HELP Bachelor of Business (Hons) Year 3...

I really need an answer for module 3 entries (June 17-30) and midterm evaluation and final evaluation. I need them asap please help. Zacks Bike Hut Level II 1st Web-Based Edition Introduction Page 1...

Question 1 , Question 2 and Question 5 part (ii) thanks alot Faculty of Business, Economics & Accounting Department of Accounting and Finance HELP Bachelor of Business (Hons) Year 3 INTERNAL SUBJECT...

hi. I'm stuck with a report whose Chic Paints Ltd. and I am finding difficulty to answer some questions such as the organisations accounting system requirements including hardware and software...

National Business Institute of Australia 20 Clark Rd. Ivanhoe Victoria 3079 www.nbi.com.au 03 9499 7872 FNSORG601A Negotiate to achieve goals and manage disputes Student Workbook melbourne . sydney ....

Need a sample answer for part C. Looking for a tutor to answer this question for the tutor credits I have. Would be a great help if someone would work with this price. Thanks a lot, really appreciate...

Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...

Only Need a the answer for STEP 1 of "PART C" Need a sample answer doesn't have to be extremely detailed or anything. Term Project Part A: Understanding Financial Statements Locate and use an annual...

Distinguish between merit pay, bonus, and piecework.

A budget deficit that is only temporary cannot be the source of source of inflation. Is this statement true, false, or uncertain? Explain your answer.

Multiple Answers Define comprehensive income, including its current components and explain why items of other comprehensive income are not reported on the income statement. 1 . Comprehensive income...

last two options for the multiple choice are : performance management development A construction equipment manufacturer, Roswell Corporation, is focusing on becoming a leader in sustainability in...

Describe the new structures for the HRM function. page 676

If you were an employee of Google (case study 1.5), suggest ways that you would expect the organisation to put into practice its espoused aims regarding its employees.

Consider the Pret A Manger case and decide whether the organisation operates best practice in its recruitment method.