EPFO APFC • General Studies • 2023 • Q.78
Accountancy & AuditingMedium
Following is the Trial Balance of a firm as on 31-12-2022:
| Particulars | Debit (₹) | Credit (₹) |
|---|---|---|
| Trade receivables | 25,00,000 | |
| Provision for doubtful debts | 1,40,000 | |
| Bad debts | 40,000 |
The additional bad debts during the year are ₹2,00,000. The firm has a policy of maintaining a provision for doubtful debts equal to 10% of the trade receivables' balances. The total amount to be charged to Profit and Loss A/c (for the year ending 31-12-2022) for bad debts written off and provision 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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