Financial State...

Which of the following items will have a debit balance?

What is the correct sequence of the following action required for the preparation of Final Accounts?
(1) Preparation of Trial Balance 
(2) Balancing of Accounts
(3) Preparation of Annual Financial Statements 
(4) Marking Adjusting Entries
Select the correct answer from the codes given below:-

The company maintains provision for bad debts at 5% and its outstanding debtors at the end of the year were Rs. 3,00,000. During the year, opening balance of provision for bad debt was Rs. 5,000 and bad debt during the year was Rs. 10,000. The debit to profit and loss account for the year ended in respect of provision for debtors will be __________.

Which one of the following statements is not correct?

The manager of a firm is entitled to a commission of  $$10$$% on the net profit after his commission. If the profit of the firm before charging commission is  $$ Rs. 3,30,000$$, the amount of manager's commission will be_________. 

If Incomes received in advance appears in the trial balance, it__________.

Y's trial balance contains the following information:

Bad debts	Rs. 5,000
Provision for bad debts	Rs. 6,000
Sundry debtors	Rs. 50,000

It is desired to create a provision for bad debts at 10 per cent on Sunday debtors at the end of the year. Sundry Debtors will appear in the balance sheet at a figure of ____________.

Payment received from debtor _______________.

The Books of Accounts of Z Ltd. shows that the balance of sundry debtors is. 50,000 and reserve for doubtful debts is 2,000. Later the management of the company released that debts to the extent of 1,000 will become bad. It was decided to create a reserve at 5% on debtors. The amount of reserve for doubtful debts to be shown in profit and loss account is ________.

A's trial balance contains the following information:

Bad debts	Rs. 5,000
Discount allowed	Rs. 3,000
Provision for discount on debtors	Rs. 3,300
Provision for bad debts	Rs. 5,500
Sundry debtors	Rs. 60,000

At the end of the year, it is desired to maintain a provision for bad debts of Rs.5,000 and provision for discount on debtor at Rs. 3,000.
Sundry debtors will appear in the balance sheet at a figure of __________.