the following is a summary of account receivable and related accounts for three years for Tommy Enterprise the financial year ends 30 April each year. Year ended 30 April Account receivable as at 30 April (before writing off bad debts) RM Bad debts written off RM Provision for doubtful debt 2017 70,000 Nil 2% 2018 61,000 1,000 2% 2019 83,000 3,000 2% For the year ending 30 April 2017, 2018, 2019, show the: a) Provision for doubtful debts account b) Statement of Profit or Loss (extract) c) Statement of Financial Position (extract)
the following is a summary of account receivable and related accounts for three years for Tommy Enterprise the financial year ends 30 April each year. Year ended 30 April Account receivable as at 30 April (before writing off bad debts) RM Bad debts written off RM Provision for doubtful debt 2017 70,000 Nil 2% 2018 61,000 1,000 2% 2019 83,000 3,000 2% For the year ending 30 April 2017, 2018, 2019, show the: a) Provision for doubtful debts account b) Statement of Profit or Loss (extract) c) Statement of Financial Position (extract)
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...
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2.the following is a summary of account receivable and related accounts for three
years for Tommy Enterprise the financial year ends 30 April each year.
Year ended 30
April
Account receivable
as at 30 April (before
writing off
debts)
RM
Bad debts
written off
RM
Provision for
doubtful debt
2017 70,000 Nil 2%
2018 61,000 1,000 2%
2019 83,000 3,000 2%
For the year ending 30 April 2017, 2018, 2019, show the:
a) Provision for doubtful debts account
b) Statement of Profit or Loss (extract)
c) Statement of Financial Position (extract)
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