Question
Can you solve it Time left The closing trade receivables as at 31 / 10/2020 before bad debts written off were El 65,000. The business
Can you solve it
Time left The closing trade receivables as at 31 / 10/2020 before bad debts written off were El 65,000. The business continues to maintain the same provision for doubtful debts as last year of 2% on closing trade receivables after bad debts written off. The following two transactions have just been recorded in preparation for finalising the financial statements for the year ending 31 / 10/2020: No 1 2 ASSETS -3,000 (trade receivables) +3,000 (provision for doubtful debts) -1 ,320 (provision for doubtful debts) EXPENSES +1 ,320 (bad debt expense) (Op) EQUITY REVENUES LIABILITIES What was the "provision for doubtful debts" balance shown on the business's Statement of Financial Position as at 31/10/2019? Select one: O O b. c. 3,240 1,560 1,680 4,920
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started