Irrecoverable Debts & Allowances for Receivables. Essentials Items to Know.
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1 Irrecoverable Debts & Allowances for Receivables Essentials Items to Know 1
2 1. To Deal with a situation where a customer will not be able to pay us what he/she owes us... This is called an Irrecoverable Debt Cr Trade Receivables (SOFP) Dr Irrecoverable Debt Expense A/c (SOPL) Being Irrecoverable Debt written off Why???... Cr Trade Receivable because we are reducing the amount of money owed to us and Dr Irrecoverable Debt Expense A/c because writing off of a debt is an expense to the sole trader i.e. money we will not receive 2
3 2. Change in Allowance for Receivables Entities will make an allowance for receivables which they think might go bad i.e. customers that a business thinks may not pay. This is a good example of the prudence concept in action In questions, you will be given the opening allowance for receivables which may go bad, you will have to calculate the closing allowance and finally you will journal the difference so as to ensure you have the required closing allowance Example Increase in Allowance for Receiveables At UCC had receivables of 15,000. 2,000 of these receivables are irrecoverable and should be written off. The allowance for receivables at was 1,000. UCC wish to have an allowance for receivables at of 10% of receivables. Receivables at 15, Less: Irrecoverable (2,000) Receive bales Net 13,000 Allowance ( 1,300) Required ( 13,000 * 10%) Net Receivables at 11,
4 Journals Cr Trade Receivables 2,000 Dr Irrecoverable Debt Expense 2,000 Being Irrecoverable Debt Written Off Allowance for Receivables at ,000 Allowance for Receivables Required at ,300 Increase in Allowance for Receivables 300 Cr Allowance for Receivables (SOFP) 300 Dr Increase in Allowance for Receivables (SOPL) 300 Being Increase in Allowance for Receivables 4
5 STATEMENT OF PROFIT AND LOSS Extract for the Year End Expenses Irrecoverable Debt (2,000) Increase in Allowance for Receivables (300) Statement of Financial Position Extract as at Current Assets Trade Receivables 13,000 Less: Allowance for Receivables 1,300 11,700 Note: An allowance for receivables (aka provision for doubtful debts) is only calculated on receivables which are still in existence. Debts which have been written off are excluded. (No point creating an allowance on debts which have been written off because they are gone anyway ) 5
6 Example Decrease in Allowance for Receivables At UCC had receivables of 15,000. 2,000 of these receivables are irrecoverable and should be written off. The allowance for receivables at was 1,000. UCC wish to have an allowance for receivable at of 5% of receivables. Receivables at 15, Less: Irrecoverable (2,000) Receivables Net 13,000 Allowance ( 650) Required ( 13,000 * 5%) Net Receivables at 12,
7 Journals Cr Trade Receivables 2,000 Dr Irrecoverable Debt Expense 2,000 Being Irrecoverable Debt Written Off Allowance for Receivables at ,000 Allowance for Receivables Required at Decrease in Allowance for Receivables 350 Dr Allowance for Receivables (SOFP) 350 Cr Decrease in Allowance for Receivables (SOPL) 350 Being Decrease in Allowance for Receivables 7
8 STATEMENT OF PROFIT AND LOSS Extract for the Year End Expenses Irrecoverable Debt (2,000) Decrease in Allowance for Receivables 350 Statement of Financial Position Extract as at Current Assets Trade Receivables 13,000 Less: Allowance for Receivables (650) 12,350 Note: An allowance for receivables (aka provision for doubtful debts) is only calculated on debts which are still in existence. Debts which have been written off are excluded. (No point creating an allowance on debts which have been written off because they are gone anyway ) 8
9 Example 3. To Deal with a situation where A debt that was previously written off (i.e. written off as being irrecoverable) is subsequently received On UCD received a cheque for 850 in relation to an irrecoverable debt which was previously written off Firstly, the write off of the original debt/receivable is reversed Dr Trade Receivables 850 Cr Irrecoverable Debts Recovered (SOPL) 850 Being Reversal of Original Write off Secondly, the Money received is accounted for Dr Bank 850 Cr Trade Receivables 850 Being Money received from Customer So the net effect is nil on Trade Receivables, Bank increases by 850 and the debt previously written off through STATEMENT OF PROFIT AND LOSS is 9
10 reversed (by the Credit to Irrecoverable Debts Recovered SOPL) 4. Other Points - 2 types of Allowance for Receivables o Specific o General Proforma for Trade Receivables Trade Receivables at Year End Less: Irrecoverable Debts x (x) Less: Specific Allowance for Receivables (x) Less: General Allowance for Receivables Net Trade Receivables at Year End (x) x 10
11 Note: The General Allowance will be a % of the overall amount outstanding after Irrecoverable Debts and Specific Allowances have been taken account of Note: Only the Movement in the Allowance for Receivables will be journaled. The movement is made up of: (Opening General Allowance +Opening Specific Allowance) (Closing General Allowance + Closing Specific Allowance) See Manual - Benefits and Costs of Offering Credit Purpose of an Aged Receivables Listing Purpose of Credit Limits 11
12 QUESTIONS TO PRACTICE Question 1 Fatima s receivables at 31 May 20X7 were $723,800. The balance on the allowance for receivables account at 1 June 20X6 was $15,250. Fatima has decided to change the allowance for receivables to 1.5% of receivables at 31 May 20X7. On 14 May 20X7, Fatima received $540 in final settlement of an amount written off during the year ended 31 May 20X6. What total amount should be recognised for receivables in the statement of profit or loss for the year ended 31 May 20X7? 12
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