FAS 114
This query is : Resolved
03 January 2011
HI All,
This is in regard with FAS 114 I wanted to know the journal entry for recognizing impairment of loans..I was unable to comprehend the journal entry :
Valuation allowance a/c..dr
To, Bad debts
as mentioned in FAS 114
Thanks
Pooja
This is in regard with FAS 114 I wanted to know the journal entry for recognizing impairment of loans..I was unable to comprehend the journal entry :
Valuation allowance a/c..dr
To, Bad debts
as mentioned in FAS 114
Thanks
Pooja
03 January 2011
The entry is as under:
Bad debt expense Dr (P&L)
To prov for bad debt (B/S)
Bad debt expense Dr (P&L)
To prov for bad debt (B/S)
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