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Problem 1: At the beginning of the year, the balance of accounts receivable was $200,000 and the balance of allowance for doubtful debts was $12,000. During the year, $500 bad debt had been written off. What would be the effect of the bad debt write-off on the recoverable amount in the statement of financial position (Ignore GST)?
Select one:
a. The recoverable amount would decrease by $500b. The recoverable amount would increase by $500c. The recoverable amount would remain the samed. The effect on recoverable amount could not be determined
Problem 2: Allowance for Doubtful Debts is
a. An expense accountb. A contra asset accountc. A liability accountd. An asset account
Problem 3: A cheque issued by John Ltd for $690 was incorrectly journalised by the company for $960. The appropriate treatment on the bank reconciliation for John Ltd would be to
a. deduct $270 from Balance as per cash bookb. add $270 to Balance as per bankc. deduct $270 from Balance as per bankd. add $270 to Balance as per cash book
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