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Hi-Fi sells electronic products. All sales are conducted on a credit basis and no cash discounts are granted.Ignore GST.The financial year ends on 30 June. The following information was extracted from the accounting records on 30 June 2020:
Sales$437,000
Sales returns and allowances $ 7,000
Cash collected $280,000
Debts to be written off $ 3,600
Assume that Hi-Fi uses the allowance method to account for bad debts. Management has estimated bad debts expense for each year at 1% of net credit sales.
Required:
Problem 1: What methods are used to estimate bad debts and doubtful debts? Explain which method you would recommend for Hi-Fi Ltd.
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