Q4 VALUETION OF ACCOUNTING RECEIVABLE ( 6 MARKS ) On January 1, 1999 Shah Enterprises had accounts receivable of Rs.120, 000 and credit balance of Rs.6,000 in allowance for doubtful accounts. Determine the period ended June 30, 1999 their selected transactions are summarized as follows: (1) Sales on account Rs.440,000. (2) Sales return and allowances Rs. 15,000. (3) Cash collections from customers Rs.410,000. (4) Accounts receivable written off as worthless Rs.12,500. (5) Recovery of previously written off accounts receivable Rs.7,500. REQUIRED (a) Prepare entries in General Journal to record the above transactions. (b) Prepare adjusting entry for uncollectible accounts expense, assuming that Allowance for doubtful accounts is estimated at 5% of accounts receivable