Solution-Determine the estimated uncollectable for each

Determine the estimated uncollectable for each period

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Reference no: EM131869567

Question - An analysis of the accounts of Laraniva Pty Ltd at 30 June 2014 shows these amounts outstanding on accounts receivable:

	Number of Days Past Due
Customer	Not Due	1-30	31-60	31-90	Over 90
Smith		10000	12000
Zhang	70000
Brown	150000	5000		33000
Singh					37000
Jones	92000	14000	12000

At June 2014 there is a $1600 debit balance in Allowance for Doubtful Debts before adjustment. Credit terms are 3/7, n/30. The entity uses the ageing of accounts receivable basis for estimating uncollectable accounts.

Age of accounts	Estimated percentage % uncollectable
Not Due	2
1-30	5
31-60	12
61-90	18
Over 90	40

Required -

Determine the estimated uncollectable for each period, i.e. not due, 1-30 days, 31-60 days, 61-90 days, over 90 days and total estimated uncollectables.

Reference no: EM131869567

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Determine the estimated uncollectable for each period

Reference no: EM131869567

Reference no: EM131869567

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