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irrecoverable debts t

irrecoverable debts t

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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5.On 1 January 2014, a small company had an allowance of doubtful debts of RM1,000. During 2014, debts of RM600 were written off and RM80 was paid by the liquidator of a company whose debts had been written off completely in 2013. At the end of 2014, it was decided to adjust the allowance to RM900. What is the total expense for irrecoverable debts that should be included in the statement of profit or loss for 2014? a) RM420 b) RM780 c) RM580 d) RM620
Transcribed Image Text:5.On 1 January 2014, a small company had an allowance of doubtful debts of RM1,000. During 2014, debts of RM600 were written off and RM80 was paid by the liquidator of a company whose debts had been written off completely in 2013. At the end of 2014, it was decided to adjust the allowance to RM900. What is the total expense for irrecoverable debts that should be included in the statement of profit or loss for 2014? a) RM420 b) RM780 c) RM580 d) RM620
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