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(Keretakita Enterprise business had accounts receivable balance of RM60,000 and allowance for doubtful debt ac- counts had a credit balance of RM500 before adjustment
(Keretakita Enterprise business had accounts receivable balance of RM60,000 and allowance for doubtful debt ac- counts had a credit balance of RM500 before adjustment at 31 July, 2020. The business estimated that its uncollectible accounts would amount to 1% from accounts receivable bal- ance. Keretakita Enterprise fiscal year ends every 31st July. On 15th August, 2020, Keretakita decided to write off ac- counts receivables, Ross, in the amount of RM200). (Required): (a) (i) (31 July, 2020); (ii) (15th August, 2820) approach applied to record business doubtful debt accounts and bad debts expenses do provide ac- counting information that is more accurate and com- ply with the accounting standards." Do you agree or disagree with this statement? Briefly explain your an- swer. (4 markah/ marks) (b) ("Direct method (6 markah/ marks)
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