0
What else can I help you with?
Is a wife responsible for husbands debt created before marriage?
It depends on the state law. Generally, the answer is no. keeping accounts separate after marriage is a good idea. No. Debts incurred before marriage are the responsibility of the person who made the debt. A spouse can be affected by such debts, however, if he or she shares a joint bank account or are joint owners of real property.
Which account is opened for provision for doubtful debts?
Provison for doubtful debts, under liabiliity, will be created by debiting bad debts account.
Who is responsible for my deceased husbands medical bills in Florida?
Technically the estate is responsible for all the debts of the deceased. The spouse, through the estate, has to pay off the debts.
Is bad debts a personal account or nominal account?
Bad debts accounts is a nominal account shown in income statement and use to reduce the accounts receivable amount.
Are you responsible for husbands debts after he dies in Pa?
The wife is not directly responsible unless she is on the contract. Most rules state that the spouse benefits from the debts and can be held responsible. The estate has to pay the debts before she can inherit anything.
Are you responsible for your deceased husbands debt?
The debts of the deceased are the responsibility of the estate. The estate will resolve the debts before you get any money. Consult a probate attorney in your jurisdiction for help.
Is bad debt expense account and allowance for uncollectible account is same account?
Bad debt expense account is the actual expense account for bad debts while allowance for doubtful account is the provision for account in case of any bad debts occurs in future.
Are husbands responsible for wives secret debts?
Yes, they are going to be responsible. They are considered a beneficiary of the goods purchased.
Is Bad debts are nominal or real account?
Bad debts are considered a nominal account. They represent an expense that reflects the losses a company incurs from customers who fail to pay their outstanding debts. As a nominal account, bad debts are closed at the end of the accounting period and affect the income statement rather than the balance sheet.
What is The organizational form defined as a business that is legally considered an entity separate from its owners and is liable for its own debts is a?
The organizational form defined as a business that is legally considered an entity separate from its owners and is liable for its own debts is a corporation. This structure provides limited liability protection to its shareholders, meaning their personal assets are generally not at risk for the corporation's debts. Corporations can raise capital more easily through the sale of stock, and they continue to exist independently of the owners' involvement.
How do you do double entry on bad debts recovered?
before you do the double entry for the bad debts recovered, you have reinstate the debt by making the following entries:- Dr. debtors account Cr. bad debts recovered account after this you will have to the double entry for this:- Dr.cash or bank Cr. debtors account that's all u have to do!!
Is your husband lible for your debt if you dont pay?
Generally no, however any shared assets, such as a bank account or home, would be subject to levy and/or garnishment for his unpaid debts. Also, some debts where you had a shared benefit could attempt to attach liability on you, especially if they showed in court any attempt to shelter or harbor assets in your name to avoid attachment to your husbands debts. However, the best way to avoid problems is to have your husband at least workout a repayment plan.
