Reference no: EM132728892
Question: Allowance for Doubtful Debts: Debit $Credit $
Rainbow Ltd Trial Balance at 30 September 20X0 included:
Receivables ledger control account 90,350
Allowance for doubtful debts brought forward 2,490
The following information is also available:
(1) No entries have been made in respect of cash of $1,320 received from Sea Breeze Ltd whose balance had been written off last year
2) At 30 September 20X0 an irrecoverable balance of $1,950 is to be written off and the receivable allowance is to be adjusted to 1·5% of the remaining balance.
You are required to:
Calculate the figure that will be reported in the statement of financial position at 30 September for receivables.
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