Monday 31 October 2011

Mgt101 Assignment No:1

Question No: 1

A/R                                = Rs. 205000

-          Bad debts           = Rs. 50000

————————-

  1.                                 Rs.  200000

—————————-

New Provision is = Rs. 200000 * 5%

= Rs. 10000

Provision for doubtful debts

Ali & Sons

Profit and loss account

For the month ended Dec 31, 2010

Des Amount Amunt
New provision for doubtful debts 10000
Total bad debts 8000+5000 13000
                                      total 23000
-          Old provision 6000
Amount for provision of doubtful is 15000

Amount of sundry debtors will be shown as

Ali & sons

Balance Sheet

As on 31st  December 2010

Current Assets

Total Debtors

205000

-          Bad debts

5000

-          New Provision

10000

190000

Question no:2

Debtors Control Accounts

Date

Narration

Dr

Date

Narration

Cr

 

Balance b/f

25000

Receive from debtors

35000

 

Credit Sale

25000

Discount

2000

 

Bad debts

10000

 

Sale return

5000

 

Closing balance of debtors

23000

 

 

75000

 

 

75000

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