In a new business during its first year of trading (the year ended 31 December 2024), the
Question:
In a new business during its first year of trading (the year ended 31 December 2024), the following debts are found to be bad, and are written off on the dates shown:
On 31 December 2024, the schedule of remaining trade receivables totalling £43,620 is examined and it is decided to make an allowance for doubtful debts of £940.
You are required to show:
(a) The allowance for doubtful debts account and the bad debts expense account.
(b) The charge to the income statement for the year ended 31 December 2024.
(c) The relevant extracts from the balance sheet as at 31 December 2024.
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a 2024 Dec 31 2024 May 31 Sep 30 Nov 30 Dec 31 Balance cd Allowance for doubtful debts 2024 940 D...View the full answer
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Frank Woods Business Accounting An Introduction To Financial Accounting
ISBN: 9781292365435
15th Edition
Authors: Alan Sangster, Lewis Gordon, Frank Wood
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