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What is further bad debts?
Before understanding this topic, you have to understand further bad debts first. A bad debt is referred to the irrecoverable amount which people fail to pay. It is a loss for a company. It is entered in a balance sheet in the given way:
Bad Debts A/c Dr.
To Debtor’s (by name) A/c
It results in closing of debtor’s account and opening of a new account called bad debts account. An accountant transfers the new account to the debit side of Profit and Loss account at the end of a financial year.
If bad debts are adjusted to reflect outside the trial balance, then they are called further bad debts. It means that in a trial balance sundry debtors amount appeared prior to bad debts amount and presented as an adjustment. In such a case, accountants consider bad debts as any other adjustment. Alike other adjustments, accountants also adjust these entries financial statement.
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What does discount on further bad debts mean?
Sometimes, business organisations write off debts. But in some cases they are transferred to the next accounting year. To facilitate debtors and clear debts in the coming financial year, organisations sometimes offer them certain amount of concession.
The concession amount appears on a balance sheet under profit and loss account. Meanwhile, the value is subtracted from debtors account in balance sheet. The subtracted amount is assumed as income while calculating balance sheet.
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