CBSE Class 11-commerce Answered
When to write provision of doubtful debts and further bad debts on dr. side and cr. side respectively?(adjustments in financial statements)
Asked by jhakanishka480 | 24 Jan, 2020, 10:09: PM
Expert Answer
Amount of old bad debts is given in the trial balance but that of new bad debts will be given in the adjustments. Such additional bad debts is to be written off by debiting the amount to the Profit and Loss Account.
When Reserve for Doubtful Debts is created, Profit and Loss Account is debited and R.D.D Account is credited.
Answered by Surabhi Gawade | 25 Jan, 2020, 12:03: PM
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