Help With Statistics Homework

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Statistics Help Desk

Help With Statistics Homework
Statistics Homework Help Service

Alex Gerg

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Statistics Homework Help Service:

About Statistics Homework: Statistics has been an
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Help with statistics homework Illustrations and Solutions
Question : 1
From the following particulars prepare (1) Reserve for Doubtful Debts Account, (2) Reserve
for Discount on Debtors, and (3) Reserve for discount on Creditors for both the years :
Balances as on 1 January 1990 :
Reserve for doubtful debts $ 1,000 ; Reserve for discount on debtors $ 500 and Reserve for
discount on creditors $ 400.
Total debtors as on 31 December 1990 were $ 25,000 after writing off bad debts $ 600 and
allowing discount $ 200.
Total debtors as on 31 December 1991 were $ 20,000 after writing off bad debts $ 600 and
allowing discount $ 50.
Total creditors as on 31 December 1990 and 1991 were $ 15,000 and $ 10,000
respectively.
Discounts received during the years were $ 300 and $ 50 respectively.

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Provide 5% vas Reserve for doubtful debts., 2-1 2% as Reserve for discount on debtors and
2% as Reserve for discount on creditors.
Solution :
Bad Debts Account
$
1990

$
1990

Dec. 31 Sundry Debtors

600

1991

Dec. 31 Reserve for Doubtful Debt

600

1991

Dec. 31 Sundry Debtors

600

Dec. 31 Reserve for Doubtful Debts

600

Reserve for Doubtful Debts Account
$
1990

$
1990

Dec. 31 Bad Debts

600

Jan. 1 Balance b/d

Dec.31 Balanced c/d 1,250 Dec.31 Profit and Loss Account
Dec. 31 Balance c/d
(5% on $ 20,000)

1,850

1991

1,000
850

1850
1991

Dec. 31 Bad Debts

600

Jan.1 Balance b/d

Dec. 31 Balance c/d 1,000 Dec. 31 Profit and Loss Account

1,250
350

(5% on $ 20,000)
1,600

1,600

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Discount on Debtors Account

$

$

1990

1990

Dec.31 Sundry Debtors 200

Dec. 31 Reserve for Discount on
Debtors

1991

1991

50

Dec. 31 Reserve for Discount on
Debtors

200

50

Reserve for Discount on Debtors Account
$

$
1990

Dec. 31 Discount on Debtors
500.00
Balanced c/d
(2.5% on 23,750)
293.75

200.00

Jan.1 Balanced b/d

593.75

Dec. 31 Profit and Loss Account

793.75
793.75
1991

1991

Dec. 31 Discount on Debtors
593.75
Profit and Loss Account
(Balancing Figure)
Balance c/d (2.5% on
$ 19.000)

50.00 Jan.1

Balance b/d

68.75
475.00
593.75

593.75

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Discount on Creditors Account
$
1990

1990
Dec. 31 Reserve for Discount
1991 on Creditors

Dec. 31 Sundry Creditors
300

Dec. 31 Reserve for Discount
On Creditors

$
300

1991
Dec.31 Sundry Creditors

50

50

Reserve for Discount on Creditors Account
$
1990

1990

Jan. 1 Balanced b/d

400

Dec. 31 Profit Loss Account 200
(Balancing Figure)

1991
Jan. 1 Balance b/d

$

Dec.31 Discount Creditors

300

Dec. 31 Balance c/d
(2% on $ 15,000)

300

600

600

1991
300

Dec.31 Discount Creditors

50

Dec.31 Profit and Loss Account

50

(Balancing Figure)
Dec. 31 Balance c/d
300

200
300

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