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The allowance for credit losses account has an opening balance of R4 500. The policy requires the allowance to equate 8% of the total accounts
The allowance for credit losses account has an opening balance of R4 500. The policy requires the allowance to equate 8% of the total accounts receivable. The debtors sub-ledger totalled R52 000 prior receiving 40% in the rand on an account of R3 000. The financial manager instructed the write off on the balance. use the table below to answer this question.
Entry | General ledger | Debit | Credit |
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