A firm makes a provision for bad debts of 5 per cent of debtors, also a provision
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A firm makes a provision for bad debts of 5 per cent of debtors, also a provision of 2X/l per cent for discount on debtors.
On 1 January 19X7 the balances brought forward on the relevant accounts were provision for bad debts £672 and provision for discounts on debtors £631.
You are required to:
[a)Enter the balances in the appropriate accounts, using a separate Provision for Bad Debts Account.
(h) During 19X7 the firm incurred bad debts £2,960 and allowed discounts £6,578. On 31 December 19X7 debtors amounted to £25,600. Show the entries in the appropriate accounts for the year 19X7, assuming that the firm’s accounting year ends on 31 December 19X7, also balance sheet extracts at 31 December 19X7.
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