Question

due from Lakhan as Bad debts
pass out necessary journal entry​

Answer 1

Answer:

Bad debts A/c. Dr. xx

To debtors A/c(Lakhan). xx

Answer 2

Answer:

Bad debts A/c. Dr. xx

To debtors A/c(Lakhan). xx

(Journal entry passed for bad debt)

Explanation:

• Bad debts are sums of money that we were unable to collect from our borrowers. We may provide our debtors with the items or money on credit.
• The same debtor, or debtors, must pay us the money owed to him. But if we don't pay the bill, our firm will suffer, thus we have to record the bad debts just like any other business loss.
• Any asset that will decrease in value will be credited, and every loss account will be debited. The subsequent journal entry will be made in cases of bad debt.

Journal Entry for Bad Debts Loss

• For showing this journal entry, it is very necessary that a debt must be uncollectible. We have done all the efforts but we did not collect the debt. After the failure of final notice to the debtor, we will convert our debt into bad debt.

Bad Debt Account    (Debit)

      Particular Debtor Account         (Credit)

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