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Question
What adjusting entries would you record for the following:
Discount on debtors
Journal Entry
Solution
| Dr. | Profit and Loss Account | Cr. | |
| Particulars | Amount | Particulars | Amount |
| Discount on Debtors | |||
| Balance sheet | |||
| Liabilities | Amount | Assets | Amount |
| Debtors | |||
| Less: New Provision | |||
| Less: Further Bad Debts | |||
| Less: Discount on Debtors | |||
shaalaa.com
Effects of Adjustments-Provision for Discount on Debtors and Creditors
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