2. accounting for management lecture 11 final account
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Amity Business School provides an MBA class of 2015 with accounting problems to prepare financial statements from given financial information. The first problem provides capital, assets, liabilities, and equity amounts to prepare a balance sheet. The second problem provides a trial balance to prepare a trading and profit and loss account for XYZ Ltd. Students are to use the data given to prepare common accounting statements for the business entities.
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This document discusses the accounting treatment of bad debts and provisions for doubtful debts in different scenarios:
1) When bad debts are given outside the trial balance, they are shown in the debit side of the profit and loss account and deducted from debtors in the balance sheet.
2) If bad debts appear in the trial balance and further bad debts are given, the further bad debts are added to the bad debts figure in both the profit and loss account and balance sheet.
3) A provision for doubtful debts is created to anticipate future losses and show debtors at their true value, by deducting a percentage (such as 10%) of debtors as provision.
Similar to 2. accounting for management lecture 11 final account (20)
8. accounting for management lecture 16 final account
8. accounting for management lecture 16 final account
4. accounting for management lecture 13 final accounts
4. accounting for management lecture 13 final accounts
6. accounting for management lecture 15 final account
6. accounting for management lecture 15 final account
2. accounting for management lecture 11 final account
- 1. Amity Business School Amity Business School MBA Class of 2015, Semester I
- 2. Amity Business School Q1 From the following particulars prepare the Balance Sheet oCapital 100000 Loan to Sumit 10000 Business Premises 110000 Investment 6000 Furniture 5000 cash 400 Bills Receivables 7000 Bank 7000 Bills Payable 5000 Drawings 6000 Debtors 40000 Net Profits 77800 Creditors 31600 closing Stock 14000 Machinery 9000
- 3. Amity Business School Q2. From the following trial Balance prepare the Trading and Profit and Loss Account of xyz Ltd. Particulars Dr Cr Opening Stock 1000 Discount 400 Bills Receivables/ Bills payable 4500 3000 Purchases/ sales 39000 50000 Wages 2800 Insurance 1100 Debtors/ Creditors 30000 19650 Carriage inward 800 Commission 800 Miscellaneous exp 700 Stationary 450 Returns inward/outward 1300 500 Trade expenses 200 Furniture 1000 Cash 500 Bank 4750 Rent 1100 Carriage outward 1450 Capital 17900