The year-end Trial Balance reports trade receivables at £438,000 and the allowance for doubtful debts at £12,500. It is decided that a debt of £18,000 should be written off and the allowance adjusted to cover 5% of outstanding debts.

Required:

Set out the Trade receivables account and the Allowance for doubtful debts account, indicating the expense written off in the Statement of income and the asset reported in the Statement of financial position.