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Dear respected sir
The entries to show a decrease in the existing Allowance for receivables is
Dr Allowance and Cr Irrecovable debt right?
But the answer in the book says
Dr Allowance and Cr SOPL (statement of Profit and Loss)?What do you think sir?
I don’t know which book you are referring to.
You will Cr Irrecoverable debts, and this will end up on the Statement of profit or loss (either as a reduction in the total irrecoverable debts expense, or (if there are no other irrecoverable debts) and a negative expense).
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