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Question Practice

A business forecasts a 5% provision for discount on debtors against a receivable amount of ₹40,000. What will the adjustment entry look like?

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MCQ_SA
CBSE
Class 11
Accountancy
Accountancy - II
Financial Statements - II
Question Bank

A business forecasts a 5% prov...

Single Answer MCQ
Q-00053685

A business forecasts a 5% provision for discount on debtors against a receivable amount of ₹40,000. What will the adjustment entry look like?

1

Debit Discount Expense ₹2,000; Credit Provision for Discount on Debtors ₹2,000

2

Debit Provision for Discount on Debtors ₹2,000; Credit Discount Revenue ₹2,000

3

Debit Provision for Discount on Debtors ₹2,000; Credit Discount Expense ₹2,000

4

Debit Discount Revenue ₹2,000; Credit Provision for Discount on Debtors ₹2,000

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