heeeelllp

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
hi all,
its been a while since ive been on here and to be honest ive missed it.
ive just started intermediate distance learning, and am taking it on board quite well, BUT im still struggling with journals! which ishould have mastered by now im sure. can anyone help as im having huge brain blanks when it comes to them!

thanks

rob :roll:

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:heeeelllp

    Have you got any specifics?

    I'm willing to help but what do you want to know?

    They are used to move money from one account to another.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:heeeelllp

    can anyone tell me the journal entries for provision of doubtful debts please. I'm stuck.
    Ash
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:heeeelllp

    Dr Sales (P&L)
    Cr Provision for doubtful Debts (Bal Sheet)

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:heeeelllp

    If you are doing a journal its:

    DR Bad Debt Expense - goes on the P/L

    CR Provision for doubtful debts - goes on the balance sheet

    The bad debts just is an expense on the P/L and the provision gets taken off the Debtors on the current assets

    EG
    Current Assets
    Stock......................30000
    Debtors.........129700
    Less Provision....(700)....12900


    Hope this helps

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