UPSC Exam > UPSC Videos > Commerce & Accountancy Optional Notes for UPSC > Final Accounts Problem - 6 (With Bad Debts Typical Adjustments)
Final Accounts Problem - 6 (With Bad Debts Typical Adjustments) Video Lecture | Commerce & Accountancy Optional Notes for UPSC
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FAQs on Final Accounts Problem - 6 (With Bad Debts Typical Adjustments) Video Lecture - Commerce & Accountancy Optional Notes for UPSC
| 1. How do bad debts affect the final accounts of a company? |  |
Ans. Bad debts have a negative impact on a company's final accounts as they result in a loss for the business. They are treated as an expense and are deducted from the total revenue, which ultimately reduces the net profit of the company.
| 2. How can bad debts be adjusted in the final accounts? | |
Ans. Bad debts can be adjusted in the final accounts by creating a provision for doubtful debts in the balance sheet. This provision is deducted from the total debtors to reflect the estimated amount of bad debts that may not be recovered.
| 3. What is the significance of adjusting bad debts in the final accounts? | |
Ans. Adjusting bad debts in the final accounts is important as it provides a more accurate representation of the company's financial position. It helps in reflecting the true value of the assets and liabilities by accounting for potential losses due to non-recovery of debts.
| 4. How are bad debts different from doubtful debts in the final accounts? | |
Ans. Bad debts are debts that are confirmed as uncollectible and are written off as a loss in the final accounts. On the other hand, doubtful debts are debts that are considered uncertain in terms of collection, and a provision is made for them based on estimates in the balance sheet.
| 5. What are the implications of not adjusting bad debts in the final accounts? | |
Ans. Not adjusting bad debts in the final accounts can lead to an inflated portrayal of the company's financial health. It may result in an overstatement of the assets and profits, which can mislead stakeholders and investors about the actual financial position of the company.
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Nov 24, 2024 Last updated |
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