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Irrecoverable Debt & Allowance for Receivables. Receivables, Irrecoverable, Allowances Receivables 31/12/12100,000 - Irrecoverable Debt(6,000) Adjusted.

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Presentation on theme: "Irrecoverable Debt & Allowance for Receivables. Receivables, Irrecoverable, Allowances Receivables 31/12/12100,000 - Irrecoverable Debt(6,000) Adjusted."— Presentation transcript:

1 Irrecoverable Debt & Allowance for Receivables

2 Receivables, Irrecoverable, Allowances Receivables 31/12/12100,000 - Irrecoverable Debt(6,000) Adjusted Receivables94,000 Specific Allowance4,000(4,000) 90,000 General Allowance3% x 90,000(2,700) NET Receivables87,300 Allowance for Receivables 1/1/12 Balance8,000 31/12/12 Specific4,000 31/12/12 General2,7006,700 Change-1,300

3 Receivables A/C DateDetailsTotalDateDetailsTotal 31/12/12Balance 1100,00031/12/12Irrec. Debt 26,000 …………31/12/12Balance c/d94, ,000 1/1/13Balance b/d94,000 Irrecoverable Debt A/C DateDetailsTotalDateDetailsTotal 31/12/12Receivable 26,00031/12/12P&L6,000 Allowance for Receivables A/C DateDetailsTotalDateDetailsTotal 31/12/12-P&L1,3001/1/12Balance b/d8,000 31/12/12Balance c/d6,70031/12/12+ P&L..…….. 8,000 1/1/13Balance b/d6,700

4 Statement of Financial Position Current Assets Net Receivables87,300 Statement of Comprehensive Income Less Expenses Irrecoverable Debt6,000 Change in Allowance for Receivables1,300

5 Irrecoverable Debt Recovered Receivables 31/12/12100,000 + Irrecoverable Recovered1,000 - Irrecoverable Debt(6,000) 95,000 -Bank Receipts1,000 Adjusted Receivables94,000 Specific Allowance4,000(4,000) 90,000 General Allowance3% x 90,000(2,700) NET Receivables87,300 Allowance for Receivables 1/1/12 Balance8,000 31/12/12 Specific4,000 31/12/12 General2,7006,700 Change-1,300

6 Receivables A/C DateDetailsTotalDateDetailsTotal 31/12/12Balance100,00031/12/12Irrec. Debt6,000 Recovered1,000Bank1,000 …………..31/12/12Balance c/d94, ,000 1/1/13Balance b/d94,000 Irrecoverable Debt A/C DateDetailsTotalDateDetailsTotal 31/12/12Receivable6,00031/12/12P&L6,000 Allowance for Receivables A/C DateDetailsTotalDateDetailsTotal 31/12/12-P&L1,3001/1/12Balance b/d8,000 31/12/12Balance c/d6,70031/12/12+ P&L..…….. 8,000 1/1/13Balance b/d6,700

7 Irrecoverable Debt Recovered A/C DateDetailsTotalDateDetailsTotal 31/12/12Receivables1,000 Bank A/C DateDetailsTotalDateDetailsTotal 31/12/12Receivables1,000

8 Statement of Financial Position Current Assets Net Receivables87,300 Statement of Comprehensive Income Less Expenses Irrecoverable Debt6,000 Change in Allowance for Receivables1,300

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