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Provide for a bad debts reserve

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Reference no: EM132525966

The following are the balances taken from the books of meena ltd. On 31st december 2011:

Stock on 1-1-2011 15,000 Salaries 800                    Debtors 5,000

Bank account 3,400                                              Wages 8,000

Rent 2,000                                                          Creditors 6,000

Bad debts reserve 175

Sales 40,000                                                       Discount allowed 250

P&l a/c 3,500                                                      Bad debts 150

Returns inward 500                                               General expenses 1,300

Purchases 6,000                                                   Insurance 300

Plant 18,000                                                        Dividend (interim) 575

Discounts earned 200                                             Capital 12,000

Cash in hand 600

Adjustments:

Closing stock was valued at rs.9,000. Rs.500 still due to labourers. Insurance unexpired rs.50.

Question 1: Provide for a bad debts reserve of 5% and a reserve for discount at 1%. Prepare trading and profit and loss account as at 31st December 2011.

Reference no: EM132525966

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