Following are the extracts from a Trial Balance of a business firm as on Mar 31, 2009
|
Dr. Balance |
Cr. Balance |
|
|
Name of Account |
Rs |
Rs |
|
Sundry Debtors |
1,05,000 |
|
|
Provision for Doubtful Debts |
10,000 |
|
|
Provision for Discount on Debtors |
1,200 |
|
|
Bad Debts |
2,500 |
|
|
Discount |
1,000 |
Additional Information
- Additional bad debts: Rs 3,500
- Additional discount allowed to debtors Rs 1,500
- Provision for bad debts to be maintained @ 10% on debtors
- Maintain a provision for discount @ 3% on debtors
You are required to
- Pass the necessary journal entries
- Prepare the necessary (ledger) accounts
- Prepare the final accounts (relating to these items only).