Use the following to answer the given question \(\begin{array}{c|c} & N \\ \hline \text{Provision for bad debts} & 1,000 Cr \\ \text{Bad debts} & 500Dr \\ d...

Assessment: WAEC SSCE - Financial Accounting - 1996 (Objective) Subject: Financial Accounting

Question 1 Report

Use the following to answer the given question
\(\begin{array}{c|c} & N \\ \hline \text{Provision for bad debts} & 1,000 Cr \\ \text{Bad debts} & 500Dr \\ debtors & 50,000Dr \\ \text{Additional bad debts to be written off} & 500 \end{array}\)
New provision for bad debts to stand at 5% of debtors. In the balance sheet, the net figures for the profit is

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