An accounting assignment I need in three hours

Jul 2nd, 2014
Steve1995
Category:
Accounting
Price: $10 USD

Question description

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:

  1. The Bad Debts Account and the Provision for Doubtful Debts Account for each of the two years.
  2. The relevant extracts from the Balance Sheet as at 31 December 2001 and 2002.

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