aris Ltd deals in garden pots and figurines. All sales are conducted on a credit basis and no cash iscounts are given. Ignore GST. The following information was extracted from the accounting ecords at 30 June 2023: $ Credit Sales 552,000 Sales returns and allowances 37,900 Cash ollected 319, 120 Debts to be written off 4,022 Allowance for Doubtful Debts 1 July 2022 2,645 r Assume that Paris Ltd completed an age analysis of its accounts receivable and determined tha 10,320 was estimated to be uncollectable. The amount of bad debts expense for the year ended 0 June 2023 assuming the bad debts were written off during the year, would be: Question 21 nswer a. $7 675 b. $10 320 c. $2 645 d. $4 022 e. $11 697

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Bad Debts

At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.  

Accounts Receivable

The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.