The trade receivables balance at the start of the year was 10,000. At the end of the year this had increased to 22,500. At the end of the year it came to the attention of the directors that B. Quiet a credit customer with a balance of 2,500 is bankrupt. It has always been the company policy to provide an allowance for irrecoverable debts of 10% Which of the following is the correct entry to the statement of profit and loss account in respect of irrecoverable and the allowance for irrecoverable debts accounts for the period? Increase in the allowance for irrecoverable debts account 4,750; irrecoverable debts 0 Increase in the allowance for irrecoverable debts 1,000; irrecoverable debts 2,500 Increase in the allowance for irrecoverable debts 2,250; irrecoverable debts 2,500