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Provision for bad debt is what type of a c?
The provision for bad debts will be categorized under the profit and loss account.
What is the journal entery for provision for bad debts?
Profit & Loss A/c [Debit] Provision for bad debts [Credit]
What is the journal entry of provision for bad and doubtful debts?
Provision for bad and doubtful debt is not go to profit and loss account, and it is go to balance sheet.
What is provision for depreciation?
Provision of depreciation account is the account of provision of depreciation.First of all we should understand provision of depreciation .Provision of depreciation is the collected value of all depreciation. With making of this account we are not credited depreciation in asset account. But transfer every year depreciation to provision of depreciation account. Every year we adopt this procedure and when assets are sold we will transfer sold assets 'total depreciation to credit side of asset account. For calculating correct profit or loss on fixed asset. This provision uses with any method of calculating depreciation.
What is the Importance of accounting informationfor a business entity?
accounting information allows a business entity to be able to ascertain its total income and its total expenditure and to be able to know if it is making a profit or loss as the prior motive of any organization or business entity is to maximize profit
How are loan loss provision and loan loss reserve recorded?
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Provision for bad debt is what type of a c?
The provision for bad debts will be categorized under the profit and loss account.
What is the journal entery for provision for bad debts?
Profit & Loss A/c [Debit] Provision for bad debts [Credit]
What type of risk is generally considered only a paper gain or loss?
Gain or loss happens when you sell. Thus the loss or gain on paper is only a status. However this is used in marking your position to market and necessary action or provision is made for this paper loss, in a prudent financial managment. If there is paper gain no action is taken.
What is the journal entry of provision for bad and doubtful debts?
Provision for bad and doubtful debt is not go to profit and loss account, and it is go to balance sheet.
What does loss payee means on a home insurance policy?
The loss payee is the person or entity who will be on the claims settlement check.
What are the governments actions on the loss of the ozone layer?
Provision to reduce CFCs & CO2 emission
What is clams in insurance?
A claim is a report of a loss to a covered entity with expectation of indemnification.
What does loss payee mean on a auto insurance policy?
The loss payee is any entity that has financial interest in the vehicle (usually a financial institution) that notifies the insurance company and the policy holder of that interest in writing. Any entity can be a loss payee, including your father, if he can show financial interest. The loss payee is usually the finance company that holds title to your vehicle. In the event of significant damage to the vehicle the loss payee needs to sign off on the check from the insurance company for the damage. This usually happens after the damage has been repaired. In the event of a total loss the loss payee will be sent a check for the amount of the loan and anything left over will you to the insured. Hopefully you won't owe more than the car is worth in the event of a total loss.
How is insurance replacement cost for jewelry calculated?
depends on policy - read "loss settlement provision" on the policy you are considering
What is the difference between Reserves and Provision?
Reserve is a an amount set aside from the profit when it is calculated. On the other hand provision is an amount charged against profit and loss in order to assist in calculating the accurate profit.
What is provision for depreciation?
Provision of depreciation account is the account of provision of depreciation.First of all we should understand provision of depreciation .Provision of depreciation is the collected value of all depreciation. With making of this account we are not credited depreciation in asset account. But transfer every year depreciation to provision of depreciation account. Every year we adopt this procedure and when assets are sold we will transfer sold assets 'total depreciation to credit side of asset account. For calculating correct profit or loss on fixed asset. This provision uses with any method of calculating depreciation.
