Help With Statistics Homework
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Transcript of Help With Statistics Homework
Statistics Help Desk
Help With Statistics Homework
Statistics Homework Help Service
Alex Gerg
Statisticshelpdesk
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Statistics Homework Help Service:
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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 Dec. 31 Reserve for Doubtful Debt 600
1991 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 1,000
Dec.31 Balanced c/d 1,250 Dec.31 Profit and Loss Account 850
Dec. 31 Balance c/d (5% on $ 20,000) 1,850 1850
1991 1991 Dec. 31 Bad Debts 600 Jan.1 Balance b/d 1,250
Dec. 31 Balance c/d 1,000 Dec. 31 Profit and Loss Account 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 200
1991 50 1991
Dec. 31 Reserve for Discount on Debtors 50 Reserve for Discount on Debtors Account
$ $
1990
Dec. 31 Discount on Debtors 200.00 Jan.1 Balanced b/d 500.00 Balanced c/d
(2.5% on 23,750) 593.75 Dec. 31 Profit and Loss Account
293.75
793.75
793.75
1991 1991
Dec. 31 Discount on Debtors 50.00 Jan.1 Balance b/d 593.75 Profit and Loss Account (Balancing Figure) 68.75 Balance c/d (2.5% on
$ 19.000) 475.00 593.75 593.75
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Discount on Creditors Account $ $ 1990 1990
Dec. 31 Reserve for Discount Dec. 31 Sundry Creditors 300
1991 on Creditors 300 1991
Dec. 31 Reserve for Discount Dec.31 Sundry Creditors 50
On Creditors 50
Reserve for Discount on Creditors Account
$ $
1990 1990
Jan. 1 Balanced b/d 400 Dec.31 Discount Creditors 300
Dec. 31 Profit Loss Account 200 Dec. 31 Balance c/d (Balancing Figure) (2% on $ 15,000) 300
600 600
1991 1991
Jan. 1 Balance b/d 300 Dec.31 Discount Creditors 50
Dec.31 Profit and Loss Account 50
(Balancing Figure)
Dec. 31 Balance c/d 200
300 300
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