Irrecoverable Debts and Allowances Example 3
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11 Responses to Irrecoverable Debts and Allowances Example 3
| View all ACCA F3 / FIA FFA lectures >> | This ACCA F3 / FIA FFA lecture is based on OpenTuition course notes, view or download here>> |
For the test Q1 why do we subtract last years all. for rec. (93.600)?
Why is the answer not 146.400?
thank you
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Thanks first. 100% helpful. Firstly I read lecture then I tried to do exercise my self. I faced difficulty in example 2 & 3. Now I am totally clear after I listen video.
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at the risk of sounding like a complete fool, i have to ask this question. During the video, you explain Paul’s payment of 2200 would be CREDITED to the irrecoverable and doubtful debts expense account. I understand the logic behind this, but as I was doing some practice questions from BPP, a similar question expected me to put recovered amount into an ‘irrecoverable debt recovered’ account and therefore did not specifically affect the charge in the income statement for bad and doubtful debts. From the point of view of the ACCA, which would you think is the correct treatment?
Kindest Regards,
Rob
johnmoffat Reply:
December 5th, 2011 at 10:19 am
You can credit an irrecoverable debt recovered account, but this would then appear on the income statement as a negative expense.
Usually questions just want the net expense in the Income Statement which is why it is easier simply to credit the expense account.
hi – thanks for the great explanations. Please could you tell me where to look for the answers to the test questions at the end.
ranbo0406 Reply:
December 1st, 2011 at 11:28 am
@hdsm, at the end of the notes
Sorry to bother u ppl. But i study from this website can i know where did the double entry for Ann’s doubtful debt go would not we remove it from the Allowance for receivable ???
and what would the entries be like….
By the way Awesome site to study ….. You cant imagine how much helpful it is for us
Cheers…..
Thank you.