Which account is debited while recording the entry of bad debts of Mr. Ram amounting to Rs 10,000 given in adjustments?
Ram`s account
Bad debts account
Profit & loss account
None of the above
The entry shall be
Bad debts A/c Dr 1,000
To Ram A/c 1,000
Which account is credited while recording the entry of bad debts of Mr. Ram amounting to Rs 10,000 given in adjustments?
The following balances appeared in the trial balance of M/s Kapil Traders as March 31, 2012.
Rs
Sundry debtors 30,500
Bad debts 500
Provision for bad debts 2,000
The partners of the firm agreed to records the following adjustments
in the books of the Firm. Further bad debts Rs 300. Maintain
provision for bad debts 10%. Show the following adjustments in
the bad debts account, provision account, debtors account, profit
and loss account and balance sheet.
Rent has been paid on 1st January 2018 for a period of 6 months amounting to Rs 60,000 @ 10,000 per month. By what amount shall the prepaid expenses account be debited, while passing the adjustment entry?