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(5 2. Modern LLC as on December 31, 2020, reported the following information: Marks) Balance of Allowance for Doubtful Accounts as on January 1, 2020
(5 2. Modern LLC as on December 31, 2020, reported the following information: Marks) Balance of Allowance for Doubtful Accounts as on January 1, 2020 OMR 50,000 Cr. Customer accounts written-off as uncollectible during 2020 OMR 6,000 Balance of Accounts Receivable Account before year-end adjustment as on December 31, 2020 OMR 700,000 The aging schedule of the accounts receivable as on December 31, 2020 is as follows: Days Account Amount (OMR) Percentage of Outstanding uncollectible Less than 16 days 400,000 2% 16 - 30 days 150,000 10% 31 - 45 days 90,000 15% 46 - 60 days 30,000 20% 61 - 75 days 20,000 45% Over 75 days 10,000 100% Required: Prepare journal entries for; a. Bad debts written-off b. Allowance for uncollectible c. the recovery of OMR 7000 which was considered as uncollectible in 2019. Journal Entries Particulars Date Debit (OMR) Credit (OMR)
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