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Question - Amogelang's business had always made an allowance for doubtful debts at the rate of 4% of accounts receivable. On 1 January 2020 the amount for this brought forward from the previous year was P320. During the year to 31 December 2020 the bad debts written off amounted to P680. On 31 December 2020 the accounts receivable balance was P16, 800 and the usual allowance for doubtful debts is to be made.
Required -
a. Open the bad debts accounts for the year ended 31 December 2020.
b. Open the allowance for bad debts account for the year
c. Show the income statement extract for the year
d. Show the relevant Statement of Financial Position extract as at 31 December 2008.
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