Provision for doubtful debts account
Write all the Steps for making provision for doubtful debts account?
Expert
Simple Steps for making provision for doubtful debts account:
Step1: Illustrate the opening balance of provision for doubtful debts account on credit side.
Step 2: Exhibit net amount of bad debts (that is, bad debts in trial balance + bad debts in outside of trial balance) on debit side of provision for doubtful debt account.
Step 3: Display the closing balance of provision for doubtful debts on debit side with latest rates that is charged on sundry debtors.
Step 4: When debit side is greater than credit side, then the difference will be shown in the credit side with writing gain and loss account as balancing figure. Now the total of both side of provision for doubtful debts account will counterpart.
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