Receivables TYPES OF RECEIVABLES. Chapter 12. Accounts receivable Bills receivable Other receivables
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1 Chapter 12 Receivables PowerPoint presentation by Anne Abraham University of Wollongong 2009 John Wiley & Sons Australia, Ltd TYPES OF RECEIVABLES Accounts receivable Bills receivable Other receivables Loans to employees Short-term deposits 2 If a client sought your advice on how best to manage receivables, what would you suggest? 3 1
2 ACCOUNTS RECEIVABLE (TRADE DEBTORS) Recognition Usually at time of sale Need to consider discounts and allowances Valuation Not all amounts owing will be collected Bad and doubtful debts! 4 BAD AND DOUBTFUL DEBTS Risk of doing business on credit Minimised through credit checks Unpaid amounts represent a business expense Written off periodically Two methods to account for bad debts Allowance method Direct write-off method 5 Allowance method of accounting for bad debts Estimate of doubtful debts made at the end of the period Adjusting entry Jun 30 Bad Debts Expense $6 000 Allowance for Doubtful Debts $6 000 (Estimated bad debts expense) 6 2
3 Allowance method of accounting for bad debts Records the expense in same period as the income to which it relates Creates an allowance that will be deducted from accounts receivable on the balance sheet Allowance also known as provision AASB 137 Provisions, Contingent Liabilities and Contingent Assets 7 Allowance method of accounting for bad debts BD LTD Balance Sheet (partial) as at 30 June 2010 CURRENT ASSETS Cash at bank $ Accounts receivable $ Less: Allowance for doubtful debts Inventory TOTAL CURRENT ASSETS $ Generally based on combination of Past experience Forecasts of future economic and business conditions Involves considerable degree of judgement Two common methods Percentage of net credit sales Ageing of accounts receivable 9 3
4 Percentage of net credit sales method History of bad debts is analysed Year-end adjustment to recognise bad debts expense Jun 30 Bad Debts Expense $8 470 Allowance for Doubtful Debts $8 470 (Bad debts expense for the year, 1% x $ ) 10 Ageing of accounts receivable method Based on length of time overdue Older accounts more likely to be bad Past accounting records analysed 11 Ageing of Accounts Receivable As at 30 June 2010 Not yet No. of days overdue Customer Balance due >180 Apex Ltd $ 748 $ 748 B Brent 385 $ 385 Carr Co Ltd Darnett Ltd 946 $ 462 $ 484 J Evans 517 $ 517 S Fox 236 $ 236 E Ware B Yale Total $ $ $ $7 260 $4 620 $ $
5 Estimated bad debts amt Age category Amount % Amount Not yet due $ $ days overdue days overdue days overdue days overdue Over 180 days overdue $ $ Assuming existing credit balance in the Allowance for Doubtful Debts account is $1540 Top-up needed to allow $5687 is $3630 Jun 30 Bad Debts Expense $3 630 Allowance for Doubtful Debts $3 630 (Estimated bad debts expense for coming year) 14 Allowance for Doubtful Debts 30/6 Balance c/d /6 Balance Bad Debts Exp $5 170 $ /7 Balance b/d
6 Writing off bad debts When debts are considered bad rather than doubtful, the allowance is applied to remove the receivable Jul 31 Allowance for Doubtful Debts $620 GST Collections 62 Accounts Receivable Control J Evans $682 (Write-off of the account receivable as bad) Subsidiary ledger also needs to be updated 16 Writing off bad debts Accounts Receivable Control 1/7 Balance /7 Allow for DD s /7 Balance c/d /8 Balance b/d Allowance for Doubtful Debts 31/7 A/C s Receivable 1/7 Balance J Evans /7 Balance c/d /8 Balance b/d Recovery of account written off Need to update subsidiary ledger and record cash receipt Recovery treated as revenue Nov 4 Accounts Receivable Control J Evans $275 Bad Debts Recovered $250 GST Collections 25 (Re-establish part of account receivable written off as bad on 31 July) 18 6
7 Direct write-off method Bad debts charged to expense when debt is considered uncollectable No allowance for doubtful debts is made beforehand Jul 31 Bad Debts Expense $620 GST Collections 62 Accounts Receivable Control J Evans $682 (Write-off of J Evans account as bad) 19 MANAGEMENT AND CONTROL OF ACCOUNTS RECEIVABLE Credit policies Who should be offered credit? How much? What terms? Monitoring credit policies Ageing analysis of receivables Calculating and analysing ratios 20 MANAGEMENT AND CONTROL OF ACCOUNTS RECEIVABLE Receivables turnover Receivables turnover = Net credit sales revenue Average receivables Average collection period Average collection period = 365 days Receivables turnover ratio 21 7
8 MANAGEMENT AND CONTROL OF ACCOUNTS RECEIVABLE Internal control Adequate safeguards Segregation of duties Disposal of accounts receivable Sale of accounts receivable Realise cash to finance activities Minimise costs of credit control 22 MANAGEMENT AND CONTROL OF ACCOUNTS RECEIVABLE Use of credit cards Apr 22 Cash at Bank $2 200 GST Collections $ 200 Sales (MasterCard sales) Apr 30 Merchants Fees Expense $ 462 Cash at Bank $ 462 (Fees on monthly MasterCard sales for April) 23 BILLS RECEIVABLE Used for extending credit on normal trading transactions Bills of Exchange Act 1909 Trade bills Promissory notes Determining due date Calculating interest on bills and notes Accounting for receipt and collection of bills 24 8
9 BILLS RECEIVABLE 25 Accounting for receipt and collection of bills receivable Example Receipt of bill in settlement of account receivable D Mead $1500, 90 day 15% interest Jul 9 Bills Receivable $ Accounts Receivable D Mead $ Unearned Interest (Receipt of a note in settlement of accounts receivable) [Interest = $1500 x 0.15 x 90/365] 26 Accounting for receipt and collection of bills receivable Receipt of cash on payment of the note by the debtor at maturity date Oct 7 Cash at Bank $ Bills Receivable $ (Collection of promissory note from D Mead) Oct 7 Unearned Interest $ Interest Income $ (Interest earned on note from D Mead) 27 9
10 Discounting bills receivable Bill sold to the bank for cash Bank deducts interest in advance Advance interest referred to as discount Discount based on: maturity value time held interest rate Contingent liability 28 Discounting bills receivable Example Receipt of 90 day, 8% note dated 16 March from F Morgan to settle debt of $2000 Company held note until 15 April when it was discounted at bank at discount yield rate of 10% Amount of debt $ Interest on note at 8% ($200 x 0.08 x 90/365) Maturity value of the promissory note Less: Discount at 10% for 60 days ($ x 0.10 x 60/365) Proceeds $ Discounting bills receivable Entry to record discounting of note Apr 15 Cash at Bank $ Unearned Interest Bills Receivable $ (Discounted F Morgan s note at bank at 10%) Discount on bill is offset against interest that would have been earned if bill receivable has been held until maturity date Apr 15 Unearned Interest $ 3.92 Interest Revenue $ 3.92 (Interest earned on discounted note from F Morgan) 30 10
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