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Provision for bad debts journal. A bad debt provision allows the full amount of the invoice sent to the customer to remain on the trade debtors control account since no formal agreement has been made in regards to how much of it will be paid no credit note has been raised and the VAT. Decides to write off one of its customers Mr. To Bad Debts ac.
Provision for Bad Debts Cr. Bad Debts Ac Dr. Bad debts Rs 2000.
Read more is 5000. To Sundry Debtors Ac. If the details are not known.
When the written off account is recovered the entry to recover for bad debts is. The provision for bad debts is an estimate of the debts owed to us that will go bad in the future. Journal Entry Date Detail DR CR 31 Dec Profit and loss ac Provision for doubtful debts account 47500 47500 An extract from the profit and loss account for year ended 31 December 2004 would show.
Assume that on 31122017 Mr. Provision for bad debts is to be maintained 5 on book debts of Rs 50000. Credit Cr Provision for doubtful debts.
Provision for Bad Debts. Davids trade debtors stood at 432000 only. Profit Loss Ac Dr.
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