Prepare journal entries to show how events would recognized

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Reference no: EM132645798

The following data were associated with the accounts receivable and uncollectible accounts of Sundas, Inc., during 2018:

a) The opening credit balance in Allowance for Bad Debts was Rs. 600,000 a t January 1,2018.

b) During 2018, the company realized that specific accounts receivable totali ng Rs. 630,000 had gone bad and had been written off.

c) An account receivable of Rs. 35,000 was collected during 2018. This acco unt had previously been written off as a bad debt in 2017.

d) The company decided that Allowance for Bad Debts would be Rs. 650,000 at the end of 2018.

Required:

Problem 1: Prepare journal entries to show how these events would berecognized in t accounting system using the allowance i.

Reference no: EM132645798

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