ed on 6 st Ben karaibu commenced business on 1 January 2005 and his financial year...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
ed on 6 st Ben karaibu commenced business on 1 January 2005 and his financial year closes on 31 December. For the year ended 31 December 2005, bad debts written off amounted to sh. 56,000 and a provision for doubtful debts of sh 104,000 was found necessary. In the year ended 31 December 2006: bad debts written off amounted to sh 88,000 2. John Njoroge, whose debt amounting to sh. 8400 was among those written off in 2005, settled his debt 1. 3. total debts outstanding as at 31 December 2006 stood at sh. 3,680,000 4 it was decided to provide for doubtful debts at 5% of outstanding total debts in the year ended 31 December 2007: 1. Bad debt amounting to sh. 152,000 were written off 2 A recovery of sh 12.800 was made in respect of debts written off in 2006 3. As at 31 December 2007, total debts outstanding stood at sh 2,880.000 4 The provision for doubtful debts was raised to 6% of the outstanding total debts. Required: a. Bad debts written off account for each of the year ended 31 Dec 2005, 2006 & 2007 HPP JC04-451P 291143 BLACK GGC 1021703253 eclass.uonbi.ac.ke B 1. Bad debt amounting to sh. 152,000 were written off 2. A recovery of sh 12,800 was made in respect of debts written off in 2006 3. As at 31 December 2007, total debts outstanding stood at sh 2,880,000 4. The provision for doubtful debts was raised to 6% of the outstanding total debts. Required: a. Bad debts written off account for each of the year ended 31 Dec 2005, 2006 & 2007 b. Bad debts recovered account for each of the years ended 31 Dec 2005, 2006, 2007 1 C. Provision for doubtful debts account for each of the years ended 31 Dec 2005.2006 & 2007 d. Extracts from the profit and loss account for the years ended 31 Dec 2005, 2006 & 2007 st HPP 3004-451F Ber B 201ALE BLACK GGC 201108233 ed on 6 st Ben karaibu commenced business on 1 January 2005 and his financial year closes on 31 December. For the year ended 31 December 2005, bad debts written off amounted to sh. 56,000 and a provision for doubtful debts of sh 104,000 was found necessary. In the year ended 31 December 2006: bad debts written off amounted to sh 88,000 2. John Njoroge, whose debt amounting to sh. 8400 was among those written off in 2005, settled his debt 1. 3. total debts outstanding as at 31 December 2006 stood at sh. 3,680,000 4 it was decided to provide for doubtful debts at 5% of outstanding total debts in the year ended 31 December 2007: 1. Bad debt amounting to sh. 152,000 were written off 2 A recovery of sh 12.800 was made in respect of debts written off in 2006 3. As at 31 December 2007, total debts outstanding stood at sh 2,880.000 4 The provision for doubtful debts was raised to 6% of the outstanding total debts. Required: a. Bad debts written off account for each of the year ended 31 Dec 2005, 2006 & 2007 HPP JC04-451P 291143 BLACK GGC 1021703253 eclass.uonbi.ac.ke B 1. Bad debt amounting to sh. 152,000 were written off 2. A recovery of sh 12,800 was made in respect of debts written off in 2006 3. As at 31 December 2007, total debts outstanding stood at sh 2,880,000 4. The provision for doubtful debts was raised to 6% of the outstanding total debts. Required: a. Bad debts written off account for each of the year ended 31 Dec 2005, 2006 & 2007 b. Bad debts recovered account for each of the years ended 31 Dec 2005, 2006, 2007 1 C. Provision for doubtful debts account for each of the years ended 31 Dec 2005.2006 & 2007 d. Extracts from the profit and loss account for the years ended 31 Dec 2005, 2006 & 2007 st HPP 3004-451F Ber B 201ALE BLACK GGC 201108233
Expert Answer:
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
Students also viewed these accounting questions
-
Christopher's Computing Services commenced business on 1 January 2008. The following is a summary of the cash records kept by the firm for the 12 months ended 31 December 2008. Cash Receipts Initial...
-
Pusher commenced business on 1 January 20X0 with two lorries - A and B. A cost 1,000 and B cost 1,600. On 3 March 20X1, A was written off in an accident and Pusher received 750 from the insurance...
-
Beta Ltd commenced business on 1 January and is making up its first years accounts. The company uses standard costs. The company owns a variety of raw materials and components for use in its...
-
Widows DeVries and McAfee claimed their husbands died from cancer due to asbestos exposure while serving on Navy ships that included parts produced by Air & Liquid Systems Corp (ALS). Asbestos...
-
Straus Company operates a small factory in which it manufactures two products: A and B. Production and sales results for last year were as follows: For purposes of simplicity, the firm averages total...
-
A fraud investigator might construct a fraud- triangle profile of a suspect that includes both work and personal data. Identify the three elements (sides) of a fraud- triangle profile.
-
Give some examples where companies use biased assumption? What is meant by "wildcatting?"
-
Marsh Industries had sales in 2013 of $6,400,000 and gross profit of $1,100,000. Management is considering two alternative budget plans to increase its gross profit in 2014. Plan A would increase the...
-
I need help here.. Assume that the spot rate of interest at time r, S(), can be modelled by Some 20 where W(r) is a Brownian motion with drift coefficient # and volatility coefficient 1 such that...
-
Fill in the blanks for the ABC analysis process map. Based on the process map, calculate the assigned indirect costs using the traditional method. Explain the pros and cons of this in comparison to...
-
Assignment 3: PLEST Analysis of assigned firm. 1. List the major political, legal, economic, social and technological forces that impact the organization's industry as well as the organization...
-
A ballon is at a height of 33 feet and rising a rate of 1 foot per second when a bike passes directly it, traveling at a rate of 9 feet per second. What is the rate of change of the distance between...
-
Evaluate the impact that the ACA has and will have on the uninsured population in the U.S. Discuss the current successes and failures of this act. Discuss the implications of this act's successes and...
-
(a) Define a complete market. The price process of a traded security satisfies the following stochastic dif- ferential equation (SDE) dS =Sdt+oSdZt
-
How does a comprehensive understanding of the target audience influence the approach to business writing? Examine the impact of audience analysis on crafting effective messages .
-
Suppose that Mars rotates on its axis once every 24.7 hours. The equator lies on a circle with a diameter of 4214 miles. (a) Find the angular speed of a point on its equator in radians per day (24...
-
Budget Dilemma Activity Your dilemma: You have been asked to reduce your operating budget by $15000.00 from $284,764.00 to $269,764.00. Your expenditures are listed below. - Where will you cut back?...
-
Organizations are increasing their use of personality tests to screen job applicants. What are some of the advantages and disadvantages of this approach? What can managers do to avoid some of the...
-
The management of Utrillo Instrument Ltd. had concluded, with the concurrence of its independent auditors, that results of operations would be more fairly presented if Utrillo changed its method of...
-
You are evaluating Woodlawn Racetrack for a potential loan. An examination of the notes to the financial statements indicates restricted cash at year-end amounts to $100,000. Explain how you would...
-
How are materialities (and immateriality) related to the proper presentation of financial statements? What factors and measures should be considered in assessing the materiality of a misstatement in...
-
General Manufacturing Company makes residential aluminum windows. A company has offered to supply General with the window crank assembly it needs for $3.50 each. General uses 50,000 crank assemblies...
-
Hutchens Electric produces electric fans, Hutchens manufactures 19,000 small electric fan motors each year. Dalta Motor Company has offered to supply Hutchens with the small electric motors for...
-
The Graham Corporation has annual sales of \($70\) million. The average collection period is 90 days. What is Grahams average investment in accounts receivable as shown on the balance sheet?
Study smarter with the SolutionInn App