An accounting assignment I need in three hours
A business started trading on 1 January 2001. During the two years ended 31 December 2001 and 2002 the following debts were written off to the Bad Debts Account on the dates stated:
31 August 2001 W Best £850
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30 September 2001 S Avon £1,400
28 February 2002 L J Friend £1,800
31 August 2002 N Kelly £600
30 November 2002 A Oliver £2,500
On 31 December 2001 there had been a total of debtors remaining of £405,000. It was decided to make a provision for doubtful debts of £5,500.
On 31 December 2002 there had been a total of debtors remaining of £473,000. It was decided to make a provision for doubtful debts of £6,000.
You are required to show:
- The Bad Debts Account and the Provision for Doubtful Debts Account for each of the two years.
- The relevant extracts from the Balance Sheet as at 31 December 2001 and 2002.