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Hi Sir,
I have a question relating to illustration 1 (stage 1 credit loss).
I just wanted further clarification on the double entry.
So for illustration 1 at year end.
What would be the double entry for the 4,000
and what would be the double entry for the $200.
Regards
4000
Debit profit and loss account Credit allowance for doubtful receivables
Probably recognised as part of operating expenses200
Debit profit and loss account Credit allowance for doubtful receivables
Probably recognised as part of finance costs
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