--%>
Assignment Help - homework help

Provision for doubtful debts account

Write all the Steps for making provision for doubtful debts account?

E

Expert

Verified

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.

   Related Questions in Auditing

  • Q : Introduction of the term Internal Audit

    Give a brief introduction of the term Internal Audit and also write down the Role of Internal Audit?

    		•
  • Q : Auditing around the computer Audit

      Audit procedures that ignore the actual computer processing part of business activities. A sample of input is tested and verified through standard audit technique, and the output is checked. Auditing around the computer assumes that if the output rights, then the processing is righ

    		•
  • Q : Difference between statutory audit and

    Elucidate the difference between statutory audit and internal audit?

    		•
  • Q : Objectives of Internal Audit Write down

    Write down the main Objectives of Internal Audit?

    		•
  • Q : Bradmark From the case description and

    From the case description and the associated flowcharts, assess Bradmark’s internal controls over its expenditure cycle procedures.

    		•
  • Q : Explain Audit Controls Audit Controls :

    Audit Controls: The common definition of an audit is a valuation of a person, association, system, procedure, enterprise, product or project. The word most generally refers to audits in accounting, internal auditing, and government auditing, however a

    		•
  • Q : What is an Auditing Auditing : Auditing

    Auditing: Auditing is the systematic procedure of objectively obtaining and estimating evidence regarding assertions concerning economic actions and actions to ascertain the degree of correspondence among those assertions and established criteria and

    		•
  • Q : Techniques of audit Write down the

    Write down the techniques which are used throughout an audit?

    		•
  • Q : Scope of internal audit How can scope

    How can scope of internal audit aid you?

    		•
  • Q : Audit committee A subgroup of the board

      A subgroup of the board of directors composed of directors who are independent of an organization and not employed by organization. The committee acts on behalf of the full board and all stockholders to check on management actions and it has responsibility for the soundness of the

    		•