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QUESTION 5 Konkonsa Ntoaso is a distributor of Milk products. During the three...

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Accounting

QUESTION $5$

Konkonsa Ntoaso is a distributor of Milk products. During the three years ended $31^{s t}$ December, $2017,$ the following information on debtors was given:

DEBTORS BALANCE

BAD DEBTS

Year ended $31^{s t}$ December, $2015$

$G H 21, 000$

GH $ $1, 900$

Year ended $31^{s t}$ December, $2016$

GH $ $29, 500$

GH $1, 500$

Year ended $31^{s t}$ December, $2017$

$G H 28, 000$

GH $ $2, 000$

Konkonsa Ntoaso makes provision for doubtful debts at the rate of $5 %$ on the total debtors outstanding, after deducting bad debts for the period.

Required:

Prepare the following for the year ended $31^{s t}$ December, $2015, 2016$ and $2017$ :

$($ a $)$ Bad Debts Account

$(2$ marks $)$

$(3$ marks $)$

$($ b $)$ Provision for Bad and Doubtful Debts Accounts

$(3$ marks $)$

$($ c $)$ Extracts of Income Statement Accounts.

$($ Total $8$ marks $)$

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