A business makes a provision of RM3,000, which was 2% of all his trade receivables, and a further expected loss of RM1,200, the total amount owed by one of its customers, Franklin, who had been declared bankrupt. Required: a. Determine the amount of general and specific provision for doubtful debts. b. Prepare Journal Entries for the above transactions. Narratives are

Sep 8, 2023

A business makes a provision of RM3,000, which was 2% of all his trade receivables, and a further expected loss of RM1,200, the total amount owed by one of its customers, Franklin, who had been declared bankrupt.

Required:

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A business makes a provision of RM3,000, which was 2% of all his trade receivables, and a further expected loss of RM1,200, the total amount owed by one of its customers, Franklin, who had been declared bankrupt. Required: a. Determine the amount of general and specific provision for doubtful debts. b. Prepare Journal Entries for the above transactions. Narratives are
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a. Determine the amount of general and specific provision for doubtful debts. 

b. Prepare Journal Entries for the above transactions. Narratives are required.

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