12. During the year of 2011, Mechi Tea Factory made total sales of Rs. 6,00,000 out of which 80% are on credit. The company collected cash of Rs. 360,000 from the open account in that year. In the year, 2011, it wrote off Rs. 6000 as an uncollectible account. The following are balances of accounts at the end of 2010. Account Receivable Rs. 13,000 Allowance for doubtful debt Rs. 1,000 (Cr.) Required: a) Journal entries for sales, collection and write off of uncollectible accounts b) Estimate the bad debts expenses for 2011 assuming bad debts are i.4% of credit sales ii.6% of year end account receivable and pass the journal entries of each c) What must be the net realizable value of account receivable under (i) and (ii) of part (b)