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Question - Alex has total receivables outstanding at 31 December 2002 of $28,000.He believes that about 1% of these balance will not be collected and wishes to make an appropriate allowance. Before now, he has not made any allowance for receivables at all.
On 31 December 2003 his trade accounts receivable amount to $40,000. His experience during the year has convinced him that an allowance of 5% should be made.
What accounting entries should Alex make on 31 December 2002 and 2003, and what figures for trade receivables will appear in his statement of financial position as at those dates?
Are these rules comparable? What are the major differences between the two accounting standards? What was your rationale for choosing a rule?
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