MGT101 Assignment Solution Fall2010
Page 1 of 1 • Share
MGT101 Assignment Solution Fall2010
SOLVED by Abr
Question # 1:
1-New provision:
Accounts receivable= Rs. 205000
-Bad Debts = Rs. 5000
------------------
= Rs. 2000000
------------------
New provision = Rs. 2000000 * 5 %
New provision = Rs. 10000
2- amount of Provision for doubtful debts to be appeared in Profit and
Loss Account:
Ali & Sons
Profit and Loss Account
For the year ended Dec 31, 2010
Narration Rs. Rs.
New provision for doubtful debts 10000
+ total Bad debts
( 8000+5000) 12000
22000
- Old provision for doubtful debts 6000
amount of Provision for doubtful debts 16000
3-amount of Sundry debtors to be shown in Balance Sheet
Ali & Sons
Balance sheet
As on 31st December 2010
Assets Rs. Rs.
Current Assets:
Debtors 205000
-Bad debts 5000
-new provision 10000
190000
Question # 2
Debtors control account
Debit side Credit side
Date No. Narrations Dr. Rs. Date No. Narrations Dr. Rs.
1 Bal B/F 25000 4 Discount Allowed 2000
3 Credit Sales 50000 6 Receipts 35000
7 Bad debts 10000
8 Sales return 5000
Bal C/F 23000
Total 75000 Total 75000
Question # 1:
1-New provision:
Accounts receivable= Rs. 205000
-Bad Debts = Rs. 5000
------------------
= Rs. 2000000
------------------
New provision = Rs. 2000000 * 5 %
New provision = Rs. 10000
2- amount of Provision for doubtful debts to be appeared in Profit and
Loss Account:
Ali & Sons
Profit and Loss Account
For the year ended Dec 31, 2010
Narration Rs. Rs.
New provision for doubtful debts 10000
+ total Bad debts
( 8000+5000) 12000
22000
- Old provision for doubtful debts 6000
amount of Provision for doubtful debts 16000
3-amount of Sundry debtors to be shown in Balance Sheet
Ali & Sons
Balance sheet
As on 31st December 2010
Assets Rs. Rs.
Current Assets:
Debtors 205000
-Bad debts 5000
-new provision 10000
190000
Question # 2
Debtors control account
Debit side Credit side
Date No. Narrations Dr. Rs. Date No. Narrations Dr. Rs.
1 Bal B/F 25000 4 Discount Allowed 2000
3 Credit Sales 50000 6 Receipts 35000
7 Bad debts 10000
8 Sales return 5000
Bal C/F 23000
Total 75000 Total 75000
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
|
|
Sat Mar 23, 2024 1:08 pm by ali001
» MindCat: Mindfulness, Meditate
Tue Mar 19, 2024 7:35 am by ali001
» Jordan 1 1 ST Firstcopy Shoes
Sat Mar 09, 2024 6:08 pm by ali001
» Frienzy: Travel with Friends
Fri Mar 08, 2024 7:18 pm by ali001
» Frienzy: Travel with Friends
Fri Mar 08, 2024 7:02 pm by ali001
» DUO Decisions: Choose at random
Fri Mar 08, 2024 11:29 am by ali001
» Yodel Community Connections
Wed Feb 28, 2024 12:56 pm by ali001
» Yodel Community Connections
Wed Feb 28, 2024 12:55 pm by ali001
» Live Timeless - Habit Tracker App
Sat Feb 10, 2024 8:33 pm by ali001