O-LevelAccountingAccounting proceduresOct/Nov 2023Paper 2 Q320 Marks
Logan is a trader who sells goods on credit. His year end is 30 September. Logan has provided the following information. At 1 October 2022 Inventory $8400 Trade receivables $7500 Other receivables (rent prepaid) $820 For the year ended 30 September 2023 Rent charge for the year $4940 Bank payments for rent 1 December 2022 $2460 1 June 2023 $2490 At 30 September 2023 Inventory $8675 Trade receivables $8700 Other receivables ? Irrecoverable debts to be written off $325 The provision for doubtful debts is to be maintained at 4% of trade receivables.
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