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Raj Bounce's trade receivables at 1 January 2019 amounted to £435,000. He maintains an allowance for doubtful debts of 4% of the debts outstanding at the year end. 2019 £ 2020 £ Accounts receivable as at 31 December (before writing off bad debts) 545,200 521,800 Bad debts written off in the year 16,750 15,400
Required:
Problem (i) Calculate the amount to be included in the statement of profit or loss for each of the two years ended 31 December 2020 in respect of the allowance for doubtful debts. State clearly whether the amounts increase or reduce profit.
Problem (ii) Explain the accounting entries that would be made if a debt that has been written off is subsequently paid by the customer.
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