Accounting-debit/credit entries for bad debts, provision for bad debts and debtors?
My book doesn't answer these questions. I mean I am asked to adjust the provision for bad debts to 10% of the closing debtors which increases my provision by £300, so thats a credit entry, right? then what? does that go in the Income statement and increases bad debts or does that reduce my debtors? And another question, extra bad debts-dbt bad debts expense, does that mean i need to credit the debtors? if you can answer these questions and if you have any other things about this which are essential to understand the bad debts stuff, I would be really grateful. Thanks a million.
Higher Education (University +) - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
By increasing your bad debt provision (in the balance sheet) by £300 you are right in stating that the credit entry in the balance sheet is to post £300 to your bad debt provision account. The debit entry for £300 will be posted to the bad debt account in the profit and loss account (income statement). As far as the second part of your question is concerned you must differentiate between a bad debt provision (as described above) and a bad debt write off. A bad debt provision is merely providing for any possible future bad debts in compliance with the prudence concept. These bad debts may not actually materialise and you may in future periods actually reduce you bad debt provision. This would lead to the opposite effect to what was described above, ie. a debit entry in the bad debt provision account and a credit entry in the profit and loss account. However, with a bad debt write off you would credit the debtor account directly (ie. make no entry at all in the bad debt provision account). This will reduce the debtor balance permanently. The debit entry would, however, be the same as in the bad debt provision scenario, ie. a debit entry to the bad debt account in the profit and loss account. I hope the above makes sense.
Read more other entries :
Thursday, November 7, 2013
Friday, November 1, 2013
How are investors protected in the UK from companies who manipulate their figures in their financil statements?
How are investors protected in the UK from companies who manipulate their figures in their financil statements?
For example in France, the accounting system is incorporated with the fisc. So there is less chance for French companies to cheat or not pay their taxes because it's more regulated. But in the UK, the fisc and accounting are two different entites. Both fisc and accounting are not part of the government unlike in France. So how are investors protected in such a way that companies presente the right figures and pay their taxes as they should? Thank you in advance.
Other - Business & Finance - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Generally, UK standards are based on US ones = and In UK, HMRC (the Taxman) enforces them ..
Read more other entries :
For example in France, the accounting system is incorporated with the fisc. So there is less chance for French companies to cheat or not pay their taxes because it's more regulated. But in the UK, the fisc and accounting are two different entites. Both fisc and accounting are not part of the government unlike in France. So how are investors protected in such a way that companies presente the right figures and pay their taxes as they should? Thank you in advance.
Other - Business & Finance - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Generally, UK standards are based on US ones = and In UK, HMRC (the Taxman) enforces them ..
Read more other entries :
Monday, October 28, 2013
Which is the best business account for a start up sole trader?
Which is the best business account for a start up sole trader?
My husband is a plumber. We wish to open a business account and take out a small loan to buy a van and have it sign written. I bank with Barclays and he banks with Natwest (never got round to a joint account!) though he also has a Barclaycard. We now wish to get our finances in order and want: 1. Business Account 2. Housekeeping Account 3. £2000 loan. Does anyone have any pertinent advice please?
Small Business - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Being a small business owner, you need to pay extra attention to management of financial resources. Since growth of your business somehow depends on its financial position, you should always be cautious about cash flaw within or outside your business. It is quite true that lack of finance can become a big problem in the way of the success of your small business. http://www.worldbestloans.com/businessloans.htm Since market is crowded with various business loan schemes, every small business owner can manage to get the desired amount without any problem. Therefore if you own a new and small business organization and financial shortfall is bothering you, then these loans can prove to be the best help for you.
Answer 2 :
Monday-Saturday:7:30am-6:30pm {Processing time}. Sunday:12noon-6:30pm {Processing time}. Compliment of the season. I am Mr. William Nellord MD "DIAMOND FINANCIAL HOME" I am a certified loan lender i give out loan at interest rate of 3%. I give out loan for any purpose. Do you want to pay your bills?, OR in financial problem? even bad credit? or for any other reason? Contact me today with the following eMail:financediamond@gmail.com Kindly fill and reply with the form bellow Full Name: Contact Address: Phone: Country: Amount Needed as Loan: Loan Duration: Gender: we can start with the processing of your loan immediately. Mr. William Nellord Managing Director DIAMOND FINANCIAL HOME INT'L
Answer 3 :
visit the following url
Answer 4 :
Provided you've kept your personal accounts in good order, you're probably better applying to either of your current banks for your new accounts. They know you and will also be best placed for considering a loan. A completely new bank will want to see your track record before lending to you. We've not used either bank although I know Nat West used to have very good start up information, including your business plan layout, which is something you'll need to submit as part of a loan application. When we first started, we banked with Royal Bank of Scotland. We then moved to Lloyds. It was easy to open an account for our second business with them because they knew us. Think about asking for an overdraft to cover your van purchase. You can pay it off quicker than a loan. A plumbing business should be able to pull in that money quite quickly. Contact your local Business Link for free help and advice on starting your business. They're good on funding sources and will help with your business plan content. Good luck with your new venture!
Read more other entries :
My husband is a plumber. We wish to open a business account and take out a small loan to buy a van and have it sign written. I bank with Barclays and he banks with Natwest (never got round to a joint account!) though he also has a Barclaycard. We now wish to get our finances in order and want: 1. Business Account 2. Housekeeping Account 3. £2000 loan. Does anyone have any pertinent advice please?
Small Business - 3 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
Being a small business owner, you need to pay extra attention to management of financial resources. Since growth of your business somehow depends on its financial position, you should always be cautious about cash flaw within or outside your business. It is quite true that lack of finance can become a big problem in the way of the success of your small business. http://www.worldbestloans.com/businessloans.htm Since market is crowded with various business loan schemes, every small business owner can manage to get the desired amount without any problem. Therefore if you own a new and small business organization and financial shortfall is bothering you, then these loans can prove to be the best help for you.
Answer 2 :
Monday-Saturday:7:30am-6:30pm {Processing time}. Sunday:12noon-6:30pm {Processing time}. Compliment of the season. I am Mr. William Nellord MD "DIAMOND FINANCIAL HOME" I am a certified loan lender i give out loan at interest rate of 3%. I give out loan for any purpose. Do you want to pay your bills?, OR in financial problem? even bad credit? or for any other reason? Contact me today with the following eMail:financediamond@gmail.com Kindly fill and reply with the form bellow Full Name: Contact Address: Phone: Country: Amount Needed as Loan: Loan Duration: Gender: we can start with the processing of your loan immediately. Mr. William Nellord Managing Director DIAMOND FINANCIAL HOME INT'L
Answer 3 :
visit the following url
Answer 4 :
Provided you've kept your personal accounts in good order, you're probably better applying to either of your current banks for your new accounts. They know you and will also be best placed for considering a loan. A completely new bank will want to see your track record before lending to you. We've not used either bank although I know Nat West used to have very good start up information, including your business plan layout, which is something you'll need to submit as part of a loan application. When we first started, we banked with Royal Bank of Scotland. We then moved to Lloyds. It was easy to open an account for our second business with them because they knew us. Think about asking for an overdraft to cover your van purchase. You can pay it off quicker than a loan. A plumbing business should be able to pull in that money quite quickly. Contact your local Business Link for free help and advice on starting your business. They're good on funding sources and will help with your business plan content. Good luck with your new venture!
Read more other entries :
Monday, October 14, 2013
is there anyway to still do accounting without A-level math?
is there anyway to still do accounting without A-level math?
Higher Education (University +) - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
It might be possible to do it with accounting A level, but usually A level maths is considered alongside it. you can also do accounting courses at college, but if you can't handle A level maths, you shouldn't consider a career in accounting.
Read more other entries :
Higher Education (University +) - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
It might be possible to do it with accounting A level, but usually A level maths is considered alongside it. you can also do accounting courses at college, but if you can't handle A level maths, you shouldn't consider a career in accounting.
Read more other entries :
Monday, October 7, 2013
How do I keep my gmail account to use for youtube after I close an account?
How do I keep my gmail account to use for youtube after I close an account?
After I closed a youtube account and then tried to make new one it said my gmail account is already being used for the youtube account I closed. How can I keep using my gmail account for youtube without having to make a new one? Is this possible?
YouTube - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
While I don't know the exact answer, this might be a workaround. One of the hidden features of gmail is that you can create extended email addresses. So, if your email address is "somename@gmail.com" you can tag on a + and any other text and still get emails. For instance, you could make "somename+newyoutube@gmail.com" and (1) it would still be a valid email address, and (2) you'd still receive your emails at the primary address of "somename@gmail.com" You don't have to do any setup to enable this feature of gmail. Just choose an extension and start sending emails to it. Caveat: since Youtube is owned by Google, they may be wise to this trick and prevent it. Other sites I've used it on don't prevent it.
Read more other entries :
After I closed a youtube account and then tried to make new one it said my gmail account is already being used for the youtube account I closed. How can I keep using my gmail account for youtube without having to make a new one? Is this possible?
YouTube - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
While I don't know the exact answer, this might be a workaround. One of the hidden features of gmail is that you can create extended email addresses. So, if your email address is "somename@gmail.com" you can tag on a + and any other text and still get emails. For instance, you could make "somename+newyoutube@gmail.com" and (1) it would still be a valid email address, and (2) you'd still receive your emails at the primary address of "somename@gmail.com" You don't have to do any setup to enable this feature of gmail. Just choose an extension and start sending emails to it. Caveat: since Youtube is owned by Google, they may be wise to this trick and prevent it. Other sites I've used it on don't prevent it.
Read more other entries :
Tuesday, October 1, 2013
How many accounts do you need to get suspended before you get an IP ban?
How many accounts do you need to get suspended before you get an IP ban?
What if you have loads of people using the same computer? How many account suspension does Yahoo allow before it bans your IP? Or does it just keep letting you make account after account?
Yahoo! Answers - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
I would guess 15
Answer 2 :
I doubt there's a limit because (a) Bans are to appease complaining yahooers (b) They want people to stay here to see advertising and (c) those mutherfockers who keep posting about escort services in india would have gotten an IP ban long ago.
Answer 3 :
If you get an account suspended it wont allow you to use that same email to create a new account. Which sucks because it's pretty easy to get suspended especially if your aren't used to talking slang alot. So I for example created a new email so my old one is same, so its good to keep the main one for just mail and a new one for Y!A.
Answer 4 :
Having multiple accounts isn't what's strictly against the rules, due to shared computers, What is against the rules is point-gaming--ie, creating several accounts, asking questions with one, answering with the other, and then selecting your own answer as best. If you're caught doing this, the accounts will be suspended, but you will be able to create a new account on the same computer. Yahoo doesn't have a policy of banning IPs, though of course they have the ability to do so. My guess would be that severe abuse, such as extreme hate speech or violent threats, would be the type of thing that would actually get an IP ban.
Read more other entries :
What if you have loads of people using the same computer? How many account suspension does Yahoo allow before it bans your IP? Or does it just keep letting you make account after account?
Yahoo! Answers - 4 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
I would guess 15
Answer 2 :
I doubt there's a limit because (a) Bans are to appease complaining yahooers (b) They want people to stay here to see advertising and (c) those mutherfockers who keep posting about escort services in india would have gotten an IP ban long ago.
Answer 3 :
If you get an account suspended it wont allow you to use that same email to create a new account. Which sucks because it's pretty easy to get suspended especially if your aren't used to talking slang alot. So I for example created a new email so my old one is same, so its good to keep the main one for just mail and a new one for Y!A.
Answer 4 :
Having multiple accounts isn't what's strictly against the rules, due to shared computers, What is against the rules is point-gaming--ie, creating several accounts, asking questions with one, answering with the other, and then selecting your own answer as best. If you're caught doing this, the accounts will be suspended, but you will be able to create a new account on the same computer. Yahoo doesn't have a policy of banning IPs, though of course they have the ability to do so. My guess would be that severe abuse, such as extreme hate speech or violent threats, would be the type of thing that would actually get an IP ban.
Read more other entries :
Saturday, September 28, 2013
what website provides advanced higher accounting course material? the full course material!?
what website provides advanced higher accounting course material? the full course material!?
links please
Higher Education (University +) - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
The best web service for accounting is http://www.studyinteractive.org/ You are able to get the material just on it's own - or you can also take the whole ACCA program - or a MBA in Financial Services from the University of East London (via London School of Business and Finance administration).
Read more other entries :
links please
Higher Education (University +) - 1 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
The best web service for accounting is http://www.studyinteractive.org/ You are able to get the material just on it's own - or you can also take the whole ACCA program - or a MBA in Financial Services from the University of East London (via London School of Business and Finance administration).
Read more other entries :
Subscribe to:
Posts (Atom)