The following transactions relates to Rocky Corporation receivables for the year ended 30 June 2021. Date...

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The following transactions relates to Rocky Corporation receivables for the year ended 30 June 2021. Date 1 June 2020 15 June 2020 25 August 2020 10 December 2020 16 March 2021 30 June 2021 Transactions The beginning balance of allowance for doubtful accounts was RM 50,000. Reinstated one of the accounts receivables that had been written-off in the previous year. Received cash RM5,000. Write off RM8,000 owed by Sunny Corporation, which was bankrupt. Reinstated Star Corporation's account, which had been written-off in the preceding year. Received cash RM7,500. One of the accounts receivable just able to pay 50% of their total debt which amounted to RM16,000 before being declared bankrupt. Estimated ending balance of allowance for doubtful debt to be increased to RM55,000 for the coming year. Balance of accounts receivable as at this date is RM1,100,000. Required: i. Prepare journal entries for the above transactions. (8 marks) ii. State two methods in estimating doubtful debt that is allowed by the Malaysian Financial Reporting Standards (MFRS). (2 mark) The following transactions relates to Rocky Corporation receivables for the year ended 30 June 2021. Date 1 June 2020 15 June 2020 25 August 2020 10 December 2020 16 March 2021 30 June 2021 Transactions The beginning balance of allowance for doubtful accounts was RM 50,000. Reinstated one of the accounts receivables that had been written-off in the previous year. Received cash RM5,000. Write off RM8,000 owed by Sunny Corporation, which was bankrupt. Reinstated Star Corporation's account, which had been written-off in the preceding year. Received cash RM7,500. One of the accounts receivable just able to pay 50% of their total debt which amounted to RM16,000 before being declared bankrupt. Estimated ending balance of allowance for doubtful debt to be increased to RM55,000 for the coming year. Balance of accounts receivable as at this date is RM1,100,000. Required: i. Prepare journal entries for the above transactions. (8 marks) ii. State two methods in estimating doubtful debt that is allowed by the Malaysian Financial Reporting Standards (MFRS). (2 mark)