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Posted: July 6th, 2020

An accounting assignment I need in three hours

Assessment Brief 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 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.

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