A business makes a provision of RM3,000, which was 2% of all his trade receivables, and a
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Question:
A business makes a provision of RM3,000, which was 2% of all his trade receivables, and a further expected loss of RM1,200, the total amount owed by one of its customers, Franklin, who had been declared bankrupt.
Required:
a. Determine the amount of general and specific provision for doubtful debts.
b. Prepare Journal Entries for the above transactions. Narratives are required.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: