Below is a trial balance (extracted) of Kasturi Dewi Sdn Bhd. for the year ended 31...

Below is a trial balance (extracted) of Kasturi Dewi Sdn Bhd. for the year ended 31 December 2019:

	Debit (RM)	Credit (RM)
Account receivable	100,000
Allowance for impairment of Account receivable as at 1 January 2019		8,500

As at 31 December 2019, the following transactions are not yet recorded:

One of the debtors was declared bankrupt by the Court. The amount due from the debtor is RM2,000.
The company received RM1,500 from a debtor who was previously written off as bad debt.
The company uses the allowance method based on an aging analysis of the account receivable as follows:

No of days past due	Amount of Receivables (RM)	Estimated percentage of uncollectible
Not yet due	44,000	2%
1-30 days	26,000	3%
31-60 days	22,000	5%
Over 60 days	8,000	10%
Total	100,000

Required:

Account receivable account.
Allowance for impairment of account receivable account

Expert Solution

Accounts receivable
Debit	Amount	Credit	Amount
Beg. Bal	100,000	Allowance for impairment of account receivable	2,000
Allowance for impairment of account receivable	1,500	Cash	1,500
		Closing balance	98,000

Total	101,500	Total	101,500


Allowance for impairment of account receivable
Debit	Amount	Credit	Amount
Accounts receivable	2,000	Beg. Bal	8,500
Bad debt expense	11,560	Accounts receivable	1,500
		Closing balance	3,560

Total	13,560	Total	13,560

Status	Amount	× allowance	Desired allowance
Current	44,000	2%	880
1-30	26,000	3%	780
31-60	22,000	5%	1,100
Over 60	8,000	10%	800
	-		-
	100,000		3,560

ekkarill92 answered 1 year ago

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