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Question - Sanji Company sells directly to retail customers. On January 1, 2020, the balance of the accounts receivable was P2, 070,000 while the allowance for doubtful accounts was a credit of P78, 000. The ff. data are gathered:
Credit Sales
Writeoffs
Recoveries
2017
11,100,000
260,000
22,000
2018
12,250,000
295,000
37,000
2019
14,650,000
300,000
36,000
2020
15,000,000
310,000
42,000
Doubtful accounts are provided for as a percentage of credit sales. The accountant calculates the percentage annually by using the experience of the three years prior to the current year.
What amount should be reported as allowance for doubtful accounts on December 31, 2020?
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