Question: Exercise 1: On December 31, 2021 before adjustment, ABC Traders had a debit balance in Accounts Receivable Rs. 250,00and a credit balance in allowance for

Exercise 1: On December 31, 2021 before adjustment, ABC Traders had

Exercise 1: On December 31, 2021 before adjustment, ABC Traders had a debit balance in Accounts Receivable Rs. 250,00and a credit balance in allowance for bad debt Rs. 5000 . On that date allowance for bad debt was estimated @ 10\% of Accounts Receivable. Required: a. Record and close bad debt expense for the year ended Dec. 31, 2021 . b. Prepare Bad Debt Expense and Allowance for Bad Debt Accounts. c. Prepare partial balance sheet as at Dec. 31, 2021 showing the balances of Accounts Receivable and Allowance for Bad Debt

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