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I have a doubt ….when we make an allowance for the previous period…and it is subsequently paid in the current year….i guess the journal entry should be
Allowance dr
TO irrecoverable cr
IS IT CORRECT?You can do that if you want.
However, as I show in my example in the free lecture, it is easier to make no entry and just to not include the specific allowance in the calculation of the allowance required at the end of the year. The end result will be exactly the same.
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