Hi sir/madam, please answer me this question completely ABC Bhd is a supplier for...
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Hi sir/madam, please answer me this question completely
ABC Bhd is a supplier for the following retailers. The Account Receivables of ABC Bhd as at 1 January 2020 is RM150,000. The following is the details of retailers and their debts. Account receivables RM Squid Splash Enterprise 30,000 Uchacha Enterprise 50,000 Dodosol Enterprise 70,000 Allowance doubtful debts of ABC Bhd as at 15 January is RM 3,000. ABC Bhd practices 2% allocation for Allowance Doubtful Debts on the Net Account Receivables amount. During the year, Uchacha Enterprise has paid RM40,000 with and received 5% discount by ABC Bhd. Dodosol Enterprise has settled RM30,000 of its debt and received 2% discount. Squid Splash Enterprise was declared bankrupt and ABC Bhd decided to recognize the debt as Bad Debt. Required: (a) Prepare Allowance for Doubtful Debts account. (b) Prepare the Statement of Comprehensive Income (Extract) Please show all the relevant workings (c) Prepare the Statement of Financial Position (Extract) Please show all the relevant workings
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Hi sir/madam, please answer me this question completely