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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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