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Question - Nelly owns a business which has a financial year end of 31 December 2021. The table below includes the account balances of the business.
Balance sheet accounts
Dr
Cr
£
Property and equipment at cost (at 31/12/2020)
275,000
Property and equipment - accumulated depreciation (at 31/12/2020)
55,000
Motor vehicles at cost (at 31/12/2020)
30,000
Motor vehicles - accumulated depreciation (at 31/12/2020)
10,800
Receivables (at 31/12/2021)
412,800
Allowance for receivables (at 31/12/2020)
24,000
The following information is relevant:
1. Depreciation on property and equipment is provided at 20% per annum on the straight-line basis, assuming no residual value.
2. Motor vehicles are depreciated at 20% per annum using the reducing balance method.
3. There were no additions and disposals of non-current assets during the year.
4. Nelly estimates that £43,800 due from customers will be irrecoverable and must be written off.
5. The allowance for receivables is to be set at 8% of net receivables at 31 December 2021.
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