I want perfect answer otherwise I will give downvotes 9. Ganesh Topiwala, a retailer has not kept proper books of accounts. Howeversome ledger extracts are available.Last Year This YearRs.Rs.Trade CreditorsStock6,27015,00010,0005705,89016,00010,000670Loan from NareshCash in HandShop Furniture & FittingsTrade Debtors7,2505,2804,0007,8004,5604,200Bank BalanceCalculate profit for this year and draft a revised Statement of Affairs at the endof the year after considering the following adjustments:a) Shop furniture and fittings are depreciated by Rs.780b) Proprietor withdrew Rs.100 per week for his personal use.c) Included in trade debtors a bad debt.of Rs.270d) Interest at 5% per annum is due on the loan from Naresh but has not been paid.

The amount which is invested by the proprietor or partner in the business is known as capital. The…

9. Ganesh Topiwala, a retailer has not kept proper books of accounts. However some ledger extracts are available. Last Year This Year Rs. Rs. Trade Creditors Stock 6,270 15,000 10,000 570 5,890 16,000 10,000 670 Loan from Naresh Cash in Hand Shop Furniture & Fittings Trade Debtors Bank Balance 7,250 5,280 4,000 7,800 4,560 4,200 Calculate profit for this year and draft a revised Statement of Affairs at the end of the year after considering the following adjustments : a) Shop furniture and fittings are depreciated by Rs.780 b) Proprietor withdrew Rs.100 per week for his personal use. c) Included in trade debtors a bad debt.of Rs.270 d) Interest at 5% per annum is due on the loan from Naresh but has not been paid.

9. Ganesh Topiwala, a retailer has not kept proper books of accounts. However some ledger extracts are available. Last Year This Year Rs. Rs. Trade Creditors Stock 6,270 15,000 10,000 570 5,890 16,000 10,000 670 Loan from Naresh Cash in Hand Shop Furniture & Fittings Trade Debtors Bank Balance 7,250 5,280 4,000 7,800 4,560 4,200 Calculate profit for this year and draft a revised Statement of Affairs at the end of the year after considering the following adjustments : a) Shop furniture and fittings are depreciated by Rs.780 b) Proprietor withdrew Rs.100 per week for his personal use. c) Included in trade debtors a bad debt.of Rs.270 d) Interest at 5% per annum is due on the loan from Naresh but has not been paid.

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

ChapterB: Bad Debts

Section: Chapter Questions

Problem 3P

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The answer is D, explain process to getting there using T accounts
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Kings Company has the following data relating to accounts receivable for the year ended December 31, 2023: Accounts Receivable, January 1 P 325,000Allowance for Bad Debts, January 1 18,400Sales during the year, all on account, terms: 5/10, 3/15, n/30 2,800,000Cash received from customers during the year 2,260,000Accounts written off during the year 17,500Sales returns and allowances 14,280 An analysis of cash received from customers during the year revealed that P1,140,000 was received from customers availing the 10-day discount period, P873,000 was received from customers availing the 15-day discount period, P12,000 represented recovery of accounts written off, and the balance…
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Charlston Inc. has accounts receivable of $110,000 in an allowance for doubtful accounts of $17,000. If it writes off a customer account balance of $1700 what is the amount of its net accounts receivable? A) 93,000 B) 108,300 C) 91,300 D) 110,000
Kingbird & Co. reported the following information in its general ledger for the year ended November 30, 2021. Mr. Kingbird has learned that the receivable from Solar Company is not collectible due to the downturn in the economy and authorizes his accountant to write off the account. Sales Debit Credit 920,000 Allowance for Doubtful Accounts Debit Credit 12,600 Accounts Receivable Debit Credit 469,000 Accounts Receivable Subledger - Solar Company Debit Credit 4,400 Record the write off on November 30, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov, 30 Allowance for Doubtful Accounts 4,400 Accounts Receivable 4.400 (b) Six months later, Mr. Solar sends Kingbird & Co. payment in full his previously written off account. Record the two required entries for this transaction. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)…
3. Marian Company uses the allowance method of accounting for bad debts. The following summary schedule was prepared from an aging of accounts receivable outstanding on December 31 of the current year: No. of Days Outstanding Amount Probability of Collection 0 to 30 days 5,000,000 98% 31 to 60 days 2,000,000 90% Over 60 days 1,000,000 80% The following additional information is available for the current year: Net credit sales for the year 40,000,000 Allowance for doubtful accounts: Balance, January 1 450,000 (cr) Balance before adjustment, December 31 20,000 (dr) If Marian Company bases its estimate on the aging of accounts receivable, what is the amount of doubtful accounts expense for the current year?
Can you also send me how to do this one? 2. Refer to the data below for XYZ Corporation. Credit sales during 2018 850,000 Accounts Receivable—January 1, 2018 334,000 Collections from credit customers during 2018 725,000 Estimated uncollectible accounts based on an aging analysis 13,200 Customer accounts written off as uncollectible during 2018 12,000 Allowance for doubtful accounts 1,700(after write-off of uncollectible accounts) Answer the following questions using the above data: A. What is the balance of Accounts Receivable at December 31, 2018? B. If the aging approach is used to estimate bad debts, what should the balance in Allowance for Doubtful Accountsbe after the bad debts adjustment? C. If the aging approach is used to estimate bad debts, what amount should be recorded as bed debts expense for2018?
Questions: The following is a summary of Jane’s bank account for the year ended 31 December 2021: $ $ Balance 1.January .2002 4,100 Payments to creditors for goods 67,360 Receipts from debtors 91,190 Rent 3,950 Balance 31Dec.2002 6,300 Insurance 1,470 Sundry expenses 610 Drawings 28,200 101,590 101,590 All of the…
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The following information is from the records of Mountainview Camera Shop: Accounts receivable, December 31, 2018 Net credit sales for 2018 Accounts written off as uncollectible during 2018 15,000 Cash sales during 2018 41,000 The company uses the direct write-off method for bad debts. What is the amount of bad debts expense? OA. $62,000 B. $41,000 C. $15,000 D. $83,000 $83,000 (debit) 160,000