QUE marks Kookaburra Ltd provides selected accounting records as at 31 December 2020 as shown below. The company is registered for Goods and Services Tax (GST) and the amounts given below includes GST. Sales for the your 157800 Sales neturtis and allomes 35,700 Allowance for double di 2.35 . As per the company's policy, only 75% of sales are conducted on a credit basis and no cash discounts are given. On 15 July 2020, it was identified receivables totalling $1.100 were deemed uncollectible and should be written off as bad. In the past, Kookaburra Ltd estimated its doubtful debts expense at 2.5% of net credit sales. The company's management reviewed the business credit policy and have decided to adopt the ageing of accounts receivable method and have represented the following analysis: Aps Balance Estimated collectable Cut 30.60 Gry needs 61-90 days wonder 295.000 5.000 SHO 2.400 12.100 450.00 3 10 20 12-1 121- TOTAL Required: oft a) Prepare the journal entry to write off the uncollectable debt on 15 July 2020. 3 marks b) On 1 December 2020, S583 (GST Inclusive) of the doubtful debts previously written recovered marks c) Prepare the journal entries to record the adjustment to the Allowance for doubtful debts at 31 December 2020 under the ageing of accounts receivable method. 3 marks d) Identify the amounts and accounts that would be disclosed in the financial statements if the management had not changed the method and was still using the percentage of net credit sales method at 31 December 2020. 3 marks You are required to use excel functions to calculate the required values for the above requirements. Your answer must demonstrate all your workings. Marks will not be awarded it you use excel formulas for depreciation calculations. QUE marks Kookaburra Ltd provides selected accounting records as at 31 December 2020 as shown below. The company is registered for Goods and Services Tax (GST) and the amounts given below includes GST. Sales for the your 157800 Sales neturtis and allomes 35,700 Allowance for double di 2.35 . As per the company's policy, only 75% of sales are conducted on a credit basis and no cash discounts are given. On 15 July 2020, it was identified receivables totalling $1.100 were deemed uncollectible and should be written off as bad. In the past, Kookaburra Ltd estimated its doubtful debts expense at 2.5% of net credit sales. The company's management reviewed the business credit policy and have decided to adopt the ageing of accounts receivable method and have represented the following analysis: Aps Balance Estimated collectable Cut 30.60 Gry needs 61-90 days wonder 295.000 5.000 SHO 2.400 12.100 450.00 3 10 20 12-1 121- TOTAL Required: oft a) Prepare the journal entry to write off the uncollectable debt on 15 July 2020. 3 marks b) On 1 December 2020, S583 (GST Inclusive) of the doubtful debts previously written recovered marks c) Prepare the journal entries to record the adjustment to the Allowance for doubtful debts at 31 December 2020 under the ageing of accounts receivable method. 3 marks d) Identify the amounts and accounts that would be disclosed in the financial statements if the management had not changed the method and was still using the percentage of net credit sales method at 31 December 2020. 3 marks You are required to use excel functions to calculate the required values for the above requirements. Your answer must demonstrate all your workings. Marks will not be awarded it you use excel formulas for depreciation calculations
