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Irrecoverable Debts & Allowances

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › Irrecoverable Debts & Allowances

  • This topic has 3 replies, 2 voices, and was last updated 12 years ago by Anonymous.
Viewing 4 posts - 1 through 4 (of 4 total)
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  • December 27, 2012 at 1:02 pm #56246
    eltun
    Member
    • Topics: 1
    • Replies: 1
    • ☆

    Headington is owed 37500 Usd by its customers at the start, and 39000 at the end, of its year ended 31 Dec 2008.

    During the period, cash sales of 263500 Usd and credit sales of 357500 were made, discounts allowed amounted to 15750 Usd and discounts received 21400. Irrecoverable debts of 10500 were written off and Headington wishes to retain its allowances for receivables at 5% of total receivables.

    January 5, 2013 at 3:08 pm #110562
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 7
    • ☆

    I’m guessing your asking for balancing figure taken to Income a/c for Credit Sales which I think is 329,750.

    January 7, 2013 at 11:44 am #110563
    eltun
    Member
    • Topics: 1
    • Replies: 1
    • ☆

    Thanks t4xd for your comments)
    Could you be kind to explain, the General Allowance is not calculated in this example?

    @t4xd said:
    I’m guessing your asking for balancing figure taken to Income a/c for Credit Sales which I think is 329,750.

    January 9, 2013 at 9:30 pm #111751
    Anonymous
    Inactive
    • Topics: 0
    • Replies: 7
    • ☆

    I don’t think you’re posting the full question, hence my initial guess.
    General Allowance for receivables: is an estimate of the percentage of remaining debts, (i.e. after deducting any bad debts and specific doubtful debts), which are ultimately not expected to be paid.

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