A provision for discount on debtors is calculated on:
A. Debtors less Bad Debts less Provision for Doubtful Debts
B. Gross Debtors
C. Debtors less Bad Debts
D. Total Sales
Answer: Option A
Solution (By JKSSB Mock Tests)
Discount is only offered to good debtors. Thus, it is calculated on the debtor balance remaining after deducting bad debts and provision for doubtful debts.
Explanation:
Social accounting encompasses reporting on social, environmental, and ethical impacts, often termed social responsibility accounting, environmental accounting, or green accounting.
S1: Revaluation Account is prepared at the time of admission of a partner. S2: Revaluation Account is prepared at the time of retirement of a partner. Which statement(s) is/are correct?
Explanation:
A Revaluation Account is prepared whenever there is a change in the constitution of the firm, including admission, retirement, or death of a partner, to adjust the values of assets and liabilities. Both statements are correct.
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