RM 200,000 6,000 Account Receivable Provision for doubtful debt On 30 June 2019, the following adjustment have to be made: i. Debts of RM500 are to be written off as bad ii. One of the entities with accounts receivable whose debts had previously been written off as bad sent a cheque for RM1,000 in full settlement of the amount owed iii. Provision for doubtful debts is 2% of the outstanding accounts receivables Required: For the year ending 30 June 2019 show the: a) Provision for doubtful debts account b) Statement of Profit or Loss (extract) c) Statement of Financial Position (extract)

RM 200,000 6,000 Account Receivable Provision for doubtful debt On 30 June 2019, the following adjustment have to be made: i. Debts of RM500 are to be written off as bad ii. One of the entities with accounts receivable whose debts had previously been written off as bad sent a cheque for RM1,000 in full settlement of the amount owed iii. Provision for doubtful debts is 2% of the outstanding accounts receivables Required: For the year ending 30 June 2019 show the: a) Provision for doubtful debts account b) Statement of Profit or Loss (extract) c) Statement of Financial Position (extract)

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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1. Agogo Trading has the following account balances as at 30 June 2019.RMAccount Receivable 200,000Provision for doubtful debt 6,000On 30 June 2019, the following adjustment have to be made:i. Debts of RM500 are to be written off as badii. One of the entities with accounts receivable whose debts had previously been written off as bad sent a cheque for RM1,000 in full settlement of the amount owed iii. Provision for doubtful debts is 2% of the outstanding accounts receivables Required:For the year ending 30 June 2019 show the:a) Provision for doubtful debts accountb) Statement of Profit or Loss (extract)c) Statement of Financial Position (extract) 2. The following is a summary of account receivable and related accounts for threeyears for Tommy Enterprise the financial year ends 30 April each year.Year ended 30 AprilAccount receivable as at 30 April (before writing off bad debts)RMBad debts written offRMProvision for doubtful debt2017 70,000 Nil 2%2018 61,000 1,000 2%2019 83,000…
1. Agogo Trading has the following account balances as at 30 June 2019. Account Receivable Provision for doubtful debt RM 200,000 6,000 On 30 June 2019, the following adjustment have to be made: i. Debts of RM500 are to be written off as bad ii. One of the entities with accounts receivable whose debts had previously been written off as bad sent a cheque for RM1,000 in full settlement of the amount owed iii. Provision for doubtful debts is 2% of the outstanding accounts receivables Required: For the year ending 30 June 2019 show the: a) Provision for doubtful debts account b) Statement of Profit or Loss (extract) c) Statement of Financial Position (extract) 2. PUColowing is a summary of account receivable and related accounts for three SHOT ON POCO F2 PRO yedis for 1aPR9ly Entererice the financial vear ends 30 Apsl each year.
1. Agogo Trading has the following account balances as at 30 June 2019. Account Receivable Provision for doubtful debt RM 200,000 6,000 On 30 June 2019, the following adjustment have to be made: i. Debts of RM500 are to be written off as bad ii. One of the entities with accounts receivable whose debts had previously been written off as bad sent a cheque for RM1,000 in full settlement of the amount owed ii. Provision for doubtful debts is 2% of the outstanding accounts receivables Required: For the year ending 30 June 2019 show the: a) Provision for doubtful debts account b) Statement of Profit or Loss (extract) c) Statement of Financial Position (extract)
1. Agogo Trading has the following account balances as at 30 June 2019. RM Account Receivable Provision for doubtful debt 200,000 6,000 On 30 June 2019, the following adjustment have to be made: i. Debts of RM500 are to be written off as bad ii. One of the entities with accounts receivable whose debts had previously been written off as bad sent a cheque for RM1,000 in full settlement of the amount owed iii. Provision for doubtful debts is 2% of the outstanding accounts receivables Required: For the year ending 30 June 2019 show the: a) Provision for doubtful debts account b) Statement of Profit or Loss (extract) c) Statement of Financial Position (extract)
1. Agogo Trading has the following account balances as at 30 June(2019. RM Account Receivable Provision for doubtful debt 200,000 6,000 On 30 June 2019) the following adjustment have to be made: i. Debts of RM500 are to be written off as bad ii. One of the entities with accounts receivable whose debts had previously been written off as bad sent a cheque for RM1,000 in full settlement of the amount Dt bad debt Cr. AC reccivable 500 500 owed S bad debt recovery iii. Provision for doubtful debts is 2% of the outstanding accounts receivables 200,000 -41000 Required: For the year ending 30 June 2019 show the: a) Provision for doubtful debts account b) Statement of Profit or Loss (extract) c) Statement of Financial Position (extract) 100
2) Outline the extracts of Trade Receivable at Statement of Financial Position as at 31 December 2020.
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In the preceding problem, what is the carrying amount of the note payable on December 31, 2020? In the preceding problem, what is the equity of the assignor in assigned accounts on December 31, 2020?
ABC Company showed the following balances on December 31, 2021: Accounts receivable P4,000,000 Allowance for doubtful accounts- credit 120,000 The following transactions transpired for ABC Company during the year 2021: o On May 1, received a P600,000, six-month, 12% interest bearing note from CD, a customer, in settlement of an account. o On June 30, factored P800,000 of its accounts receivable to a finance company. The finance company charged a factoring fee of 5% of the accounts factored and withheld 20% of the amount factored. On August 1, ABC Company discounted the CD note at the bank at 15%. On November 1, CD defaulted on the P600,000 note. ABC Company paid the bank the total amount due plus a P24,000 protest fee and other bank charges. On December 31, ABC Company assigned P1,200,000 of its accounts receivable to a bank under non-notification basis. The bank advanced 80% less service fee of 5% of the accounts assigned. ABC Company signed a promissory note for the loan. On December…
Jongwe Ltd maintains a provision for doubtful debts at 2% of trade receivables. The balances in the ledger accounts as at 30 April 2021 were as follows: Provision for doubtful debts as at 1st May 2020 £786 Trade receivables as at 30th April 2021 £33,450 One of the debtors has been declared bankrupt. As the accountant for Pinto Ltd you have realised that the trade receivable amounting to £1,350 will not be recovered and concluded that this should be written off as an irrecoverable debt. Required: Prepare the provision for doubtful debts account. Balance the account and bring the balance down to 1st May 2021. Explain how this transaction would affect the profit or loss of Pinto Ltd in the current accounting period.
18. At 1 July 2019, a company's allowance for doubeful debts was RM48,000. At 30 June 2020, trade receivables amounted to RM838,000. It was decided to write-off RM72,000 of these debts and adjust the allowance for doubeful debts to RM60,000. What are the final amounts for inclusion in the company's statement of financial position at 30 June 2020? a) Trade receivables RMK38,000 ; allowance for doubtful debts RM60,000 : net balance RM778,000 b) Trade receivables RM766,000 ; allowance for doubtful debts RM60,000 : net balance RM706,000 e) Trade receivables RM766,000 ; allowance for doubtful debts RMI08,000 ; net balance RM658,000 d) Trade receivables RM838,000 ; allowance for doubtful debts RMI08,000 : net balance RM730,000