- Ed St Ben Karaibu Commenced Business On 1 January 2005 And His Financial Year Closes On 31 December For The Year Ended 1 (119.86 KiB) Viewed 58 times
ed st Ben karaibu commenced business on 1 January 2005 and his financial year closes on 31 December. For the year ended 31 December 2005, bad debts written off amounted to sh. 56,000 and a provision for doubtful debts of sh 104,000 was found necessary. In the year ended 31 December 2006: 1. bad debts written off amounted to sh 88,000 on 2. John Njoroge, whose debt amounting to sh. 8400 was among those written off in 2005, settled his debt 3. total debts outstanding as at 31 December 2006 stood at sh. 3,680,000 4 it was decided to provide for doubtful debts at 5% of outstanding total debts in the year ended 31 December 2007: 1 Bad debt amounting to sh. 152,000 were written off A recovery of sh 12.800 was made in respect of debts written off in 2006 3. As at 31 December 2007 total debts outstanding stood at sh 2,880.000 4 The provision for doubtful debts was raised to 6% of the outstanding total debts. Required: Bad debts written off account for each of the year ended 31 Dec 2005, 2006 2007 고 201113 004 NE BLACK GGC 1021.703253 HPPIC04-451P
EC135 Sonbi.ac.ke 1. Bad debt amounting to sh. 152,000 were written off 2. A recovery of sh 12,800 was made in respect of debts written off in 2006 3. As at 31 December 2007. total debts outstanding stood at sh 2,880,000 4. The provision for doubtful debts was raised to 6% of the outstanding total debts. Required: a. Bad debts written off account for each of the year ended 31 Dec 2005, 2006 & 2007 b. Bad debts recovered account for each of the years ended 31 Dec 2005, 2006, 2007 c. Provision for doubtful debts account for each of the years ended 31 Dec 2005 2006 & 2007 d. Extracts from the profit and loss account for the years ended 31 Dec 2005, 2006 & 2007 Q E 2011 MOJCIF GGU 3333