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Adjustment of Reserves

Provision for...

Question

Provision for doubtful debts appearing at the time of dissolution of a firm is transferred to __________

A

Realisation A/c

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B

Cash A/c

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C

Debtors A/c

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D

None of these

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Solution

The correct option is A
Realisation A/c

Provision for doubtful debts appearing at the time of dissolution of a firm is transferred to Realisation A/c

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Similar questions

Q. Provision for bad and doubtful debts appearing in the books at the time of dissolution of firm is transferred to :

X

Y

are partners in a firm sharing profits in the ratio of

3 : 2

. They admitted

Z

as a new partner for

1 / 4^{t h}

share of profits. At the time of admission of

Z

Debtors and Provision for Doubtful Debts appeared at

R s . 76, 000

R s . 8, 000

R s . 6, 000

of the debtors proved bad. A provision of

5 %

is to be created on Sundry Debtors for doubtful debts. Pass the necessary Journal entries.

Q. X and Y are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Z as a partner for 1/4th share of profits. At the time of admission of Z, Debtors and Provision for Doubtful Debts appeared at ₹ 76,000 and ₹ 8,000 respectively. ₹ 6,000 of the debtors proved bad. A provision of 5% is to be created on Sundry Debtors for doubtful debts. Pass the necessary Journal entries.

Q. C's Trial Balance contains the following information: Bad debts Rs. 8,000, Provision for Doubtful debts Rs. 6,000, Sundry debtors Rs. 25,000.It is desired to create a provision for bad debts at 10% on Sundry debtors at the end of the year. Sundry debtors (after provision) will appear in Balance Sheet at a figure of :

_____________ is/are not transferred to Realisation A/c.

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