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The allowance for receivable is to be increased to 5% for trade receivables .The allowance for receivable is treated as an administration expanse .
The year end journal for allowance for receivables is given bellow,prepare the double entry by selecting the correct entry for each row …..
TRADE RECEIVABLE …….Dr/Cr
ADMINISTRATIVE EXPANSE ……Dr/Cr
ALLOWANCE FOR RECEIVABLE …..Dr/Cr
REVENUE………. Dr/CrThere is no point in just setting test questions here and expecting an answer!!
We are not here to do your homework for you 🙂If it is not homework then you must have an answer in the same book in which you found the question and should therefore ask about whatever part of the answer you are not clear about – then I will try and help.
(I assume of course that you have watched my free lectures on this. The lectures are a complete free course for Paper F3 and cover everything needed to be able to pass the exam well.)
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