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What do you mean by allowance for receivable?
Is allowance for receivable & doubtful debts means same?The allowance for receivables (which used to be called the provision for doubtful debts) is the amount subtracted from the total receivables on the Statement of Financial Position (used to be called the Balance Sheet) in respect of those debts that are doubtful.
Please do watch my free lectures on this – they are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.
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