EcoThrive Apparel, a company at the forefront of sustainable fashion, faced several intricate transactions during the financial year ended $30$ June $2024.$

Below is an extract from the pre$-$adjustment trial balance as at $30$ June $2024$:

Account

Rand

Bank

$200000$

Trade receivables

$720000$

Allowance for doubtful debts $(01/07/2023)$

$50000$

The following still needs to be recorded:

$1.$

Credit Sales: On $28$ June $2024,$ EcoThrive Apparel made credit sales totaling R$500000.$ These sales were not included in the trade receivables closing balance.

$2.$

Cash Collections: During June $2024,$ EcoThrive Apparel collected R$250000$ from customers against their outstanding balances.

$3.$

Goods Return: On $15$ June $2024,$ a customer returned goods worth R$20000,$ citing quality issues. The return was not recorded and the customer's account was not credited.

$4.$

Irrecoverable Debt: Debtor Ms$.$ Aniston, who owed R$8000,$ declared bankruptcy, and the company expects to recover only $40\%$ of the outstanding amount from her estate.

$5.$

Reinstating a Debtor: On $10$ June $2024,$ Mr$.$ Bing, whose debt was previously written off as bad, paid his outstanding balance of R$15,000$ in full. While the payment received has been recorded in the bank account, the accounting entry to reinstate Mr$.$ Bing as a debtor in the books was not made. It is necessary to make the appropriate entries to reflect the reinstatement of the debt and to ensure the financial records accurately represent the recovery of the previously written$-$off amount.

$6.$

Write$-$off: On $30$ June $2024,$ it was determined that receivables from various customers totaling R$25000$ would likely be uncollectible and should be written off.

$7.$

Allowance for Doubtful Debts: EcoThrive Apparel estimated that $5\%$ of the remaining trade receivables would likely be uncollectible at year$-$end.

ANNEXURE F: FORMATIVE ASSESSMENT $1$

$68$ HFAC$132-1-$Jan$-$Jun$2024-$FA$1-$LVN$-$V$3-20240119$

REQUIRED:

$4\mathrm{.}1$ Prepare the trade receivables account as it would appear in the general ledger of EcoThrive Apparel for the year ending $30$ June $2024.$ Include all necessary adjustments and calculations and close off the account.

$(10$ marks$)$