Question
Provision for Bad Debts is required to be maintained in
the books as per which principle?Solution
Conservatism principle states that Record for the anticipated losses and Expenses. Example-Provision for Doubtful debt - The debtors have not defaulted yet, but if you are anticipating a default in the future, record it as an expense now. Also, Valuation of Inventory is done at Cost or Net Realizable Value, whichever is less.
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Which state is known as the “Apple State of India”?
