A business maintains a provision for doubtful debts of 5% per annum. It has trade receivables
balances of $560 000 at the start a
nd $468 000 at the end of the financial year.
Which statements are correct?
1- Customers’ accounts have been credited with $4600.
2- $4600 is treated as income in the income statement.
3- $4600 is deducted from current assets in the statement of financial position.
1 )
1, 2 and 3
2 )
1 only
2 only
4 )
2 and 3 only
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