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Accounting Principles and Practice by S. Hall and N. Skene Smith (Auth.)

By S. Hall and N. Skene Smith (Auth.)

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EXAMPLE 12 On 1st January, 1962, the Bad Debts Provision in the books of T. Case was £260. This was made up as follows: £ 50 % of the doubtful debt of A. Rose 105 5% of all other debts 155 £260 On 15th March, A Rose paid £140 but this was to be regarded as a final instalment towards his debt. On 30th June it was decided to write off the amount of £30 due from G. Bloom. At this date, S. Flower owed £40 and, as he was known to be in financial difficulties. Case decided to make 100% provision against this debt.

Give the two Discount accounts. Dr. 1962 Dec. 31 Discount Received Account £ 1962 To P. & L. A/c 244 Various dates By Sundry Creditors Dec. 31 „ Amount Receivable c/d £244 1963 Jan. 1 To Amount Receivable b/d Dr. 1962 Various dates Dec. 31 220 24 £244 24 Discount Allowed Account £ 1962 To Sundry Debtors „ Amount Allowable c/d Cr. £ 640 Dec. 31 Cr. £ By P. <& L. A/c 710 70 £710 £710 1963 Jan. 1 By Amount Allowable b/d 70 The principle involved is the same as that in the previous example but there is a difference in the presentation in the Balance Sheet.

The Cash Balance at the close of one period is the balance at the beginning of the next. The value of assets (at least insofar as it is given by past expenditure adjusted for depreciation) is identical at the end of one, and at the beginning of the next, period. We have already seen how the closing stock of the current period becomes the opening stock for the next. Similarly, debts owed to or by the business are not wiped off at any particular date. If they are unpaid this period they must be paid the next.

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