Webster Ltd has the following balances in its accounts at the year-end 31 December 2019. At 31 December 2020 , trade receivables were 151,500 including two receivables of 2,550 from Ken Barlow and 3,600 from Albert Tatlock which are thought to be irrecoverable. A further receivable from Minnie Caldwell of 1,425 is thought to be doubtful. The company intends to keep a general allowance for irrecoverable debts of 5% of trade receivables. REQUIRED: a) Provide extracts from the Statement of Profit or Loss for the year end 31 December 2020 and the Statement of Financial Position as at 31 December 2020 in respect of trade receivables, the irrecoverable debts and the allowance for irrecoverable debts: (10 marks) b) During the year to 31 December 2021, Ken Barlow repays the full amount of his debt of 2,550 and Minnie Caldwell repays her debt of 1,425. At 31 December 2021 , trade receivables are 161,250 and a further debt of 4,800 from Alf Roberts is expected to be irrecoverable. No other individual trade receivable is viewed as doubtful at 31 December 2021. i) Explain the double entry for the repayments by Ken Barlow and Minnie Caldwell. Your explanation should include the relevant journal entries. ii) Calculate net receivables and the irrecoverable debts expense if the general allowance remains at 5% to show how the repayments would be treated in the financial statements to 31 December 2021. (15 marks) Webster Ltd has the following balances in its accounts at the year-end 31 December 2019. At 31 December 2020 , trade receivables were 151,500 including two receivables of 2,550 from Ken Barlow and 3,600 from Albert Tatlock which are thought to be irrecoverable. A further receivable from Minnie Caldwell of 1,425 is thought to be doubtful. The company intends to keep a general allowance for irrecoverable debts of 5% of trade receivables. REQUIRED: a) Provide extracts from the Statement of Profit or Loss for the year end 31 December 2020 and the Statement of Financial Position as at 31 December 2020 in respect of trade receivables, the irrecoverable debts and the allowance for irrecoverable debts: (10 marks) b) During the year to 31 December 2021, Ken Barlow repays the full amount of his debt of 2,550 and Minnie Caldwell repays her debt of 1,425. At 31 December 2021 , trade receivables are 161,250 and a further debt of 4,800 from Alf Roberts is expected to be irrecoverable. No other individual trade receivable is viewed as doubtful at 31 December 2021. i) Explain the double entry for the repayments by Ken Barlow and Minnie Caldwell. Your explanation should include the relevant journal entries. ii) Calculate net receivables and the irrecoverable debts expense if the general allowance remains at 5% to show how the repayments would be treated in the financial statements to 31 December 2021. (15 marks)