EPFO EO/AO • General Ability Test • 2023 • Q.77
Accountancy & AuditingMedium
Following is the trial balance of a firm as on 31.03.2022:
| Particulars | Amount (₹) |
|---|---|
| Trade receivables | 2,50,000 |
| Provision for discount to debtors | 14,000 |
| Discount to debtors | 4,000 |
Additional discount allowed to debtors during the year is ₹20,000. The firm has a policy of maintaining a provision for discount to debtors equal to 10% of the Trade Receivables' balances. Total amount to be charged to Profit and Loss Account (for the year ending 31.03.2022) for discount allowed and provision for discount created will be:
Syllabus Connection
Principles of Accountancy: Accounting concepts & conventions, double-entry bookkeeping, journal, ledger, trial balance, depreciation, final accounts preparation (trading, P&L, balance sheet), company accounts & share capital, Accounting Standards (AS & Ind AS). (APFC)
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