an allowance for receivables of £4,000 is required at the end of a reporting period. the allowance for receivables brought forward from the previous period is £2,000. what's the impact of the profits?
increase by £4,000
decrease by £4,000
increase by £2,000
decrease by £2,000
on 1 Jan 20x5 Plodd had an allowance for receivables £1,000. during 20x5, he wrote off debts of £600 and was paid £80 by the liquidator of a company whose debts had been written off completely in 20x4. at the end of 20x5 it was decided to adjust the allowance for receivables to £900. what is the net expense for irrecoverable debts in the P&L for 20x5?
smith has receivables totalling £16,000 after writing off irrecoverable debts of £500, and he has an allowance for receivables brought forward of £2,000. He wishes to carry forward an allowance of £800.
what will be the effect on profit of adjusting the allowance?
at 31 Dec 20x9 Folland's receivables totaled £120,000. Folland wishes to have an allowance for receivables of £3,600 which is 25% higher than it was before. during the year irrecoverable debts of £3,200 were written off and irrecoverable debts (written off three years previously) of £150 were recovered.
what is the net charge for irrecoverable debts for the 12-months reporting period ended 31 Dec 20x9?
during the reporting period ended 31 Dec 20x8 Keele decreased its allowance for receivables for £600. An irrecoverable debt written off in the previous reporting period amounting to £300 was recovered in 20x8.
if the profits after accounting for the above items is £5,000, what was it before the accounting for them?
Bodkin had the following balances in its trial balance at 30 June 20x1:
trade receivables: £70,000
irrecoverable debts expenses: £500
allowance for receivables at 1 July 20x0: £5,000
Bodkin wishes to carry forward at 30 June 20x1 an allowance equal to 10% of trade receivables.
what is the irrecoverable debt expense in the P&L for the reporting period?
charge of £2,450
credit of £2,450
charge of £2,500
credit of £2,500
Wacko had an allowance for receivables at 1 January 20x0 of £1,000. he calculates that at 31 December 20x0 an allowance for receivables of £1,500 is required. in addition of £2,000 of debts were written off during the reporting period.
how much should be included in the P&L in relation to irrecoverable debts expense?
if a business has paid property tax of £1,000 for the year to 31 March 20x9, what is the prepayment in the financial statements for the 12-month reporting period ending on 31 December 20x8?
on 5 May 20x8, Portals pays a rent bill of £1800 for the 18 months ended 30 June 20x9. what is the charge in the statement of profit or loss and entry for rent in the statement of financial position in respect of the 12 month reporting period ended 31 March 20x9?
£1200 with prepayment of £300
£1200 with accrual of £600
£1500 with accrual of £300
£1500 with prepayment of £300
a firm made the following rent payments
£9000 for the 6 months ended 31 March 20x6
£12000 for the 6 months ended 30 September 20x6
£11196 for the 12 month ended 30 September 20x7
the charge to the statement of profit or loss for the 12 month. reporting period ended 31 December 20x6 was:
Elizabeth paid £2500 for gas during the reporting period. At the beginning of the period she owed 500; at the end she owed £1000. what charge should have appeared in her statement of profit or loss for that reporting period?
at the beginning of September Barney & Co were owed £200 in rent. at the end of September they were owed £400. £800 cash for rent was received during September.
what entry will be made in the statement of profit or loss for September for rent receivables?
an irrecoverable debt arises in which of the following situations?
a customer pays part of the account
an invoice is in dispute
the customer goes bankrupt
a cheque received in settlement is dishonored by the customer's bank