Question
Following Trial Balance is given but it is not correct. Prepare correct Trial Balance.
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Extract of a Trial Balance as at March 31, 2017 is as follows:
Additional information: A debtor of ₹ 2,000 could not be recovered. It is decided to maintain Provision for Doubtful Debtors @ 5% on Debtors and Provision for Discount at @ 2%. How these adjustments will be shown in Financial Statements?
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Sundry Debtors
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₹ 1,02,000
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Bad Debts
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₹ 1,400
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Provision for doubtful debts
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₹ 3,400
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Gross Profit $33\frac{1}{3}\%$ on Cost.
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