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What is 7 8 and 9 points and how can I solve that 3 points can any one explain so that it would be helpful Thanks in advance
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7) interest received includes 1000 rs which is actually cash received from debtors , so you need to credit debtors account and deduct 1000 from interest received . 8) you need to create a liability for interest outstanding i.e 100000 Ã? 12 % As well as create a asset as interest receivable in balance sheet . 9) you need to prepare a debtors account and create 5% provision. this provision amount will be debited in profit and loss account and in balance sheet you will deduct this provisions from gross debtors
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