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Accounting Tutorial

   

Added on  2023-01-10

6 Pages571 Words29 Views
Accounting Tutorial

Contents
TASK...............................................................................................................................................3
Question 1:.......................................................................................................................................3
(1)...........................................................................................................................................3
(2)...........................................................................................................................................3
Question 2........................................................................................................................................4
Question 3........................................................................................................................................4
Question 4........................................................................................................................................5
Question 5........................................................................................................................................6

TASK
Question 1:
(1)
Allowance for doubtful accounts 8000
Account Receivable Account 8000
(Being bad debts written off)
Bad debt Expenses 11680
Allowance for doubtful accounts 11680
(Being Allowance created for accounts receivable)
Working Note:
Accounts Receivables 600000
Less: Bad debts written off 8000
Revised Debtors 592000
Allowance Required @ 4% 23680
Existing Allowance (20000-8000) 12000
Allowance to be made 11680
(2)
Accounts Receivables
Opening Balance 600000 Allowance for Doubtful Accounts 80000
Closing Balance 520000
Total 600000 Total 600000
Allowance for doubtful accounts
Accounts Receivables 8000 Opening Balance 20000
Closing Balance 23680 Bad debts 11680
Total 31680 Total 31680
Bad debts Expenses
Allowance for doubtful accounts 11680 Closing Balance 11680

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