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Dear Tutor when we recover irrecoverable debt is this following journal entries are correct?
1st(
DR TR
CR ID
the following journal entry isDR Cash
Credit Trade receivableis this the above right?
2nd)
When we recover the doubtful debt
Dr Allowance for receivable
CR Irrecoverable debtand the following entry
Dr Bank
Cr trade receivableis this above the right?
If we receive money from a debt that has previously been written off as irrecoverable, the entry is
Dr Cash
Cr Irrecoverable debts expenseIf we receive money from a debt for which there is an allowance because it is doubtful, the entries are as you have written.
I do explain all of this in my free lectures.
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