A company has been informed that a credit customer has just been declared bankrupt, though it is probable that the customer's trade payables will get 50p for every pound outstanding, when the assets of his business are sold. The balance on his account was 1,000. Which of the following is the correct double entry to deal with this information? Multiple Choice Dr. Irrecoverable debts a/c 1000 Cr. Trade receivables a/c 1,000 Dr. Irrecoverable debts a/c 500 Cr. Trade receivables a/c 500 Dr. Allowance for irrecoverable debts a/c 1,000 Cr. Trade receivables a/c1,000 Dr. Allowance for irrecoverable debts a/c 500 Cr. Trade receivables a/c 500