Reference no: EM133032381
Question - Farhan Traders provide the following information regarding his sales during March 2021.
Cash Sales to the customers Rs. 150,000
Credit sales to the customers Rs. 450,000
Sales return by cash customers Rs.20,000
Sales return by credit customers Rs.25,000
Sales discount to credit customers Rs. 2,500
Cash collected from A/c receivables amounted to Rs.11,500
Worthless A/c receivables written off A/c Rs.600
Required -
a) Pass general entries to record the above transactions with narration.
b) Prepare the account receivable T-account.
c) Explain account receivable, bad debts and written off concept with examples.
d) Why business prefers credit sales and how receivable covert into expense Accounts.
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