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1061221
Debtors,Bad debts,Provision for doubtful debts
Description
Mind Map on Debtors,Bad debts,Provision for doubtful debts, created by Brandon HL on 07/09/2014.
Mind Map by
Brandon HL
, updated more than 1 year ago
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Created by
Brandon HL
over 10 years ago
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Resource summary
Debtors,Bad debts,Provision for doubtful debts
bad debts
unlikely ever to be repaid
confirmed irrecoverable
written off as an expense
Bad debts recovery
unexpectedly paid
recorded as an additional income
1. Dr.Debtors Cr.Bad Debts recovery
2. Dr Bank Cr Debtors
Provision for doubtful debts
certain percentage of outstanding debts at any time
unlikely to be collected
likely irrecoverable
=contra asset account
prudence concept--estimated losses as long as it can be reliably measured
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