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.