An accounting assignment I need in three hours
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A business started trading on 1 January 2001. During the two years ended 31 December 2001
and 2002 the following debts were written off to the Bad Debts Account on the
dates stated:
31 August 2001 W
Best £850
30 September 2001 S Avon £1,400
28 February 2002 L
J Friend £1,800
31 August 2002 N
Kelly £600
30 November 2002 A
Oliver £2,500
On 31 December 2001 there had been a total of debtors
remaining of £405,000. It was decided to
make a provision for doubtful debts of £5,500.
On 31 December 2002 there had been a total of debtors
remaining of £473,000. It was decided to
make a provision for doubtful debts of
£6,000.
You are required to show:
- The
Bad Debts Account and the Provision for Doubtful Debts Account for each of
the two years. - The
relevant extracts from the Balance Sheet as at 31 December 2001 and 2002.
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