irrecoverable debt & allowance for receivables. receivables, irrecoverable, allowances...
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Irrecoverable Debt & Allowance for Receivables
Receivables, Irrecoverable, Allowances
Receivables 31/12/12 100,000
- Irrecoverable Debt (6,000)
Adjusted Receivables 94,000
Specific Allowance 4,000 (4,000)
90,000
General Allowance 3% x 90,000 (2,700)
NET Receivables 87,300
Allowance for Receivables
1/1/12 Balance 8,000
31/12/12 Specific 4,00031/12/12 General 2,700 6,700
Change -1,300
Receivables A/C
Date Details Total Date Details Total
31/12/12 Balance 1 100,000 31/12/12 Irrec. Debt 2 6,000
………… 31/12/12 Balance c/d 94,000
100,000 100,000
1/1/13 Balance b/d 94,000
Irrecoverable Debt A/C
Date Details Total Date Details Total
31/12/12 Receivable 2 6,000 31/12/12 P&L 6,000
6,000 6,000
Allowance for Receivables A/C
Date Details Total Date Details Total
31/12/12 -P&L 1,300 1/1/12 Balance b/d 8,000
31/12/12 Balance c/d 6,700 31/12/12 + P&L ..……..
8,000 8,000
1/1/13 Balance b/d 6,700
Statement of Financial Position
Current Assets
Net Receivables 87,300
Statement of Comprehensive Income
Less Expenses
Irrecoverable Debt 6,000
Change in Allowance for Receivables 1,300
Irrecoverable Debt RecoveredReceivables 31/12/12 100,000
+ Irrecoverable Recovered 1,000
- Irrecoverable Debt (6,000)
95,000
- Bank Receipts 1,000
Adjusted Receivables 94,000
Specific Allowance 4,000 (4,000)
90,000
General Allowance 3% x 90,000 (2,700)
NET Receivables 87,300
Allowance for Receivables
1/1/12 Balance 8,000
31/12/12 Specific 4,00031/12/12 General 2,700 6,700
Change -1,300
Receivables A/C
Date Details Total Date Details Total
31/12/12 Balance 100,000 31/12/12 Irrec. Debt 6,000
Recovered 1,000 Bank 1,000
………….. 31/12/12 Balance c/d 94,000
101,000 101,000
1/1/13 Balance b/d 94,000
Irrecoverable Debt A/C
Date Details Total Date Details Total
31/12/12 Receivable 6,000 31/12/12 P&L 6,000
6,000 6,000
Allowance for Receivables A/C
Date Details Total Date Details Total
31/12/12 -P&L 1,300 1/1/12 Balance b/d 8,000
31/12/12 Balance c/d 6,700 31/12/12 + P&L ..……..
8,000 8,000
1/1/13 Balance b/d 6,700
Irrecoverable Debt Recovered A/CDate Details Total Date Details Total
31/12/12 Receivables 1,000
Bank A/C
Date Details Total Date Details Total
31/12/12 Receivables 1,000
Statement of Financial Position
Current Assets
Net Receivables 87,300
Statement of Comprehensive Income
Less Expenses
Irrecoverable Debt 6,000
Change in Allowance for Receivables 1,300
