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Question 4 Chapter 12 – Class 11 Unimax

Question 4 Chapter 12 – Class 11 Unimax

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Question 4 Chapter 12 – Class 11 Unimax

Prepare the bad debts account, provision for bad debts account, profit and loss account and balance sheet from the following information as on December 31, 2019:

  
Debtors 80,000
Bad debts 2,000
Provision for bad debts 5,00
Adjustments:  
Bad debts ₹ 500, provision on debtors @ 3%.  

 

The solution of Question 4 Chapter 12 – Class 11 Unimax: 

DrDr. Bad debts A/c Cr.Cr
ParticularsAmountParticularsAmount
To Balance b/d2,000By provision for bad debts A/c2,500
To Debtors A/c500  
 2,500 2,500
 
Provision for bad debts A/c
 Cr
ParticularsAmountParticulars Amount
To Bad debts A/c2,500By Balance b/d 5,000
To Balance c/d2,385   
To profit & Loss A/c115   
     
 5,000  5,000
Profit & Loss A/c Cr
ParticularsAmountParticulars Amount
  By provision for bad debts5,000 
  Less: Bad debts500 
  Less: further bad debts2,000 
  Less: new provision for bad debts2,385115

Balance sheet as on 31/12/2019

Liabilities AmountAssets  Amount
  Debtors80,000 
  Less: further bad debts500 
   79,500 
  Less: new provision for bad debts2,38577,115

Working Note:

1. 80,000 – 500 = 79,500 – (2,385) = 77,115

2. 79,500 X 3/100 = 2,385

End of Solution


Check Out the Solution of all questions for this chapter:

The solutions to all questions of Chapter No. 12 – Provision and Reserves Unimax are shown as follows, click on the image of the question to get the solution.

1. Comprehensive Solutions for All Chapters of Advanced Accountancy I Class 11 by Unimax

UnimaxSolutions.in offers a comprehensive solution for students studying Advanced Accountancy I Part 1 in Class 11. With their meticulously curated study material, students can access comprehensive solutions to all the questions included within each chapter. By selecting the chapter name from the study material, students can easily navigate through the topics and find detailed explanations and step-by-step solutions to the problems presented in that section. Whether it’s understanding complex accounting concepts, mastering calculation techniques, or analyzing financial statements, Unimax provides a valuable resource to aid students in their learning journey. With these comprehensive solutions at their disposal, students can enhance their understanding, clarify doubts, and improve their problem-solving skills in Advanced Accountancy, ensuring they are well-prepared for their Class 11 examinations.

2. Punjab School Education Board (PSEB) Solutions of Usha Publication.

If you’re a student enrolled in the Punjab School Education Board Class 11, it’s essential to explore a wide range of books to cover the syllabus thoroughly. While the prescribed textbooks are undoubtedly valuable, supplementing your studies with additional resources can enhance your understanding and knowledge. Consider checking out other books that align with the curriculum, offering different perspectives and insights on the subjects you’re studying. These supplementary materials can provide you with alternative explanations, practice questions, and examples that may aid in clarifying complex concepts. Moreover, exploring diverse sources can expose you to a variety of writing styles and viewpoints, fostering a broader understanding of the subjects. So, seize the opportunity to expand your learning by delving into other books that can complement your studies and contribute to your academic growth.

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