Debtors,Bad debts,Provision for doubtful debts

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Mind Map on Debtors,Bad debts,Provision for doubtful debts, created by Brandon HL on 07/09/2014.
Brandon HL
Mind Map by Brandon HL, updated more than 1 year ago
Brandon HL
Created by Brandon HL over 10 years ago
16
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Resource summary

Debtors,Bad debts,Provision for doubtful debts
  1. bad debts
    1. unlikely ever to be repaid
      1. confirmed irrecoverable
        1. written off as an expense
        2. Bad debts recovery
          1. unexpectedly paid
            1. recorded as an additional income
              1. 1. Dr.Debtors Cr.Bad Debts recovery
                1. 2. Dr Bank Cr Debtors
                2. Provision for doubtful debts
                  1. certain percentage of outstanding debts at any time
                    1. unlikely to be collected
                      1. likely irrecoverable
                        1. =contra asset account
                          1. prudence concept--estimated losses as long as it can be reliably measured
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