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Recording Bad Debts

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Question

How is the amount of credit sale ascertained from incomplete records?

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Solution

Amount of credit sales are ascertained as a balancing figure of the total debtor’s account.

Also read:

Accounts From Incomplete Records

Marshalling of Assets and Liabilities

Accounting MCQs

What Is the Balance Sheet Equation

Balance Sheet Vs Consolidated Balance Sheet

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Explain how the following may be ascertained from incomplete records:

(a) Opening capital and closing capital

(b) Credit sales and credit purchases

(c) Payments to creditors and collection from debtors

(d) Closing balance of cash.

Q. Rectify the following errors assuming that Suspense Account was opened. Ascertain the difference in Trial Balance.
(a) Credit sales to Mohan ₹ 7,000 were recorded in Purchase Book. However, Mohan's Account was correctly debited.
(b) Credit purchases from Rohan ₹ 9,000 were recorded in Sales Book. However, Rohan's Account was correctly credited.
(c) Goods returned to Rakesh ₹ 4,000 were recorded in Sale Returns Book. However, Rakesh's Account was correctly debited.
(d) Goods returned from Mahesh ₹ 1,000 were recorded through Purchase Returns Book. However, Mahesh's Account was correctly credited.
(e) Goods returned to Naresh ₹ 2,000 were recorded through Purchases Book. However, Naresh's Account was correctly debited.

Q. Pass the necessary Journal entries to rectify the following errors:
(i) Credit sale of ₹ 570 to Mohan was recorded as ₹ 750.
(ii) Credit sale of ₹ 850 to Sohan was recorded as sale to Mohan.
(iii) Credit sale of ₹ 850 to Meenu was recorded as sale to Meena as ₹ 580.
(iv) Credit sale of ₹ 850 to Ram was recorded in the Purchases Book.
(v) Credit sale of old machinery to Sohan for ₹ 1,700 was entered in the Sales Book as ₹ 7,100.
(vi) Bill Receivable for ₹ 5,000 accepted by Mahinder recorded as acceptance given to Mahinder for ₹ 6,000.

Q. Which preparing accounts from incomplete records, the amount of credit sales is determined by?

Explain how the following may be ascertained from incomplete records

(a) Opening capital and closing capital

(b) Credit sales and credit purchases

(c) Payments to creditors and collection from debtors

(d) Closing balance of cash

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