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Explain the nature of the accounting treatment

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Question - As at 31 December 2020, Dagangan Sdn. Bhd (Dagangan) has a trade receivable, Edaran Enterprise, who owed the company RM300,000. The directors were of the opinion that the debt was collectible and no allowance for doubtful debt was made.

On 3 March 2021, Edaran Enterprise was placed under receivership. Dagangan's directors authorised the financial statements for issue on 18 March 2021. Assume that Edaran Enterprise was able to pay 30 sen for each RM1.00 owed.

Required - Identify and explain the nature of the above event and the appropriate accounting treatment.

Reference no: EM132916652

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