Homework Answers
(a) As per given question :-
Michael as a settelment of his debt has paid $1000 on his account of $1400 on 30 Nov. 2017. So,
Journal entry as on 30 Nov. 2017-
Cash A/c Dr. $1000
To Bad debts recovered A/c $1000
(Being bad debts recovered)
Bad debts recovered A/c Dr. $1000
To Profit & Loss A/c $1000
(Being recovered debts transfered to P&L A/c)
(b) Provision for doubtful debts on trade debtors as on 30 Nov. 2017-
Trade debtors $44000
Less- Further debts-
(John =$ 800 + Sally= $ 300) ($1100)
$42900
Provision on bad debts = 42900*10/100 = $4290
(c) Balance sheet as on 30 Nov. 2017-
Trade debtors - $44000
Less - Further bad debts ($1100)
Less- Old provision ($1800)
Add - New provision $4290
$45390
NOTE - There's a misprint in the ques. in part (b) and (c). It should be 30 Nov. 2017.
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