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At the time of admission of a partner in a firm, there were following items in the balance sheet: Debtors 80,000 Provision for doubtful debts 6,000 On the date of admission 3,000 were debited in revaluation A / c as bad debts. What will be the total amount of bad debts on this date? (b) 6,000 (d) 12,000 9,000 (a) overline * 3000 (c)?
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At the time of admission of a partner in a firm, there were following ...
Calculation of Bad Debts:
To calculate the total amount of bad debts on the date of admission, we need to consider the provision for doubtful debts and the amount debited in the revaluation account.
1. Provision for Doubtful Debts:
The provision for doubtful debts is a reserve set aside to cover potential losses from bad debts. In this case, the provision for doubtful debts is given as $6,000.
2. Amount Debited in Revaluation Account:
On the date of admission, an amount of $3,000 was debited in the revaluation account as bad debts. This means that $3,000 worth of debts were identified as uncollectible.
3. Calculation:
To find the total amount of bad debts on the date of admission, we need to add the provision for doubtful debts and the amount debited in the revaluation account.
Total Bad Debts = Provision for Doubtful Debts + Amount Debited in Revaluation Account
Total Bad Debts = $6,000 + $3,000
Total Bad Debts = $9,000
Answer:
Therefore, the total amount of bad debts on the date of admission is $9,000.
To calculate the total amount of bad debts on the date of admission, we need to consider the provision for doubtful debts and the amount debited in the revaluation account.
1. Provision for Doubtful Debts:
The provision for doubtful debts is a reserve set aside to cover potential losses from bad debts. In this case, the provision for doubtful debts is given as $6,000.
2. Amount Debited in Revaluation Account:
On the date of admission, an amount of $3,000 was debited in the revaluation account as bad debts. This means that $3,000 worth of debts were identified as uncollectible.
3. Calculation:
To find the total amount of bad debts on the date of admission, we need to add the provision for doubtful debts and the amount debited in the revaluation account.
Total Bad Debts = Provision for Doubtful Debts + Amount Debited in Revaluation Account
Total Bad Debts = $6,000 + $3,000
Total Bad Debts = $9,000
Answer:
Therefore, the total amount of bad debts on the date of admission is $9,000.
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At the time of admission of a partner in a firm, there were following items in the balance sheet: Debtors 80,000 Provision for doubtful debts 6,000 On the date of admission 3,000 were debited in revaluation A / c as bad debts. What will be the total amount of bad debts on this date? (b) 6,000 (d) 12,000 9,000 (a) overline * 3000 (c)?
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At the time of admission of a partner in a firm, there were following items in the balance sheet: Debtors 80,000 Provision for doubtful debts 6,000 On the date of admission 3,000 were debited in revaluation A / c as bad debts. What will be the total amount of bad debts on this date? (b) 6,000 (d) 12,000 9,000 (a) overline * 3000 (c)? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about At the time of admission of a partner in a firm, there were following items in the balance sheet: Debtors 80,000 Provision for doubtful debts 6,000 On the date of admission 3,000 were debited in revaluation A / c as bad debts. What will be the total amount of bad debts on this date? (b) 6,000 (d) 12,000 9,000 (a) overline * 3000 (c)? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for At the time of admission of a partner in a firm, there were following items in the balance sheet: Debtors 80,000 Provision for doubtful debts 6,000 On the date of admission 3,000 were debited in revaluation A / c as bad debts. What will be the total amount of bad debts on this date? (b) 6,000 (d) 12,000 9,000 (a) overline * 3000 (c)?.
At the time of admission of a partner in a firm, there were following items in the balance sheet: Debtors 80,000 Provision for doubtful debts 6,000 On the date of admission 3,000 were debited in revaluation A / c as bad debts. What will be the total amount of bad debts on this date? (b) 6,000 (d) 12,000 9,000 (a) overline * 3000 (c)? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about At the time of admission of a partner in a firm, there were following items in the balance sheet: Debtors 80,000 Provision for doubtful debts 6,000 On the date of admission 3,000 were debited in revaluation A / c as bad debts. What will be the total amount of bad debts on this date? (b) 6,000 (d) 12,000 9,000 (a) overline * 3000 (c)? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for At the time of admission of a partner in a firm, there were following items in the balance sheet: Debtors 80,000 Provision for doubtful debts 6,000 On the date of admission 3,000 were debited in revaluation A / c as bad debts. What will be the total amount of bad debts on this date? (b) 6,000 (d) 12,000 9,000 (a) overline * 3000 (c)?.
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