NEW
Font size
WorksheetsTR AND ALLOWANCE PART 3 (3E)
Total questions: 10
Worksheet time: 3mins
NOT an asset.
PREPAID rental expense
trade RECEIVABLE
trade PAYABLE
commission income RECEIVABLE
NOT a LIABILITY
rental income RECEIVED IN ADVANCE
PREPAID insurance expense
trade PAYABLE
loan
rental income RECEIVED IN ADVANCE =
current
ASSET
current
LIABILITY
When OWNER TAKE OUT GOODS FOR OWN USE
Drawings INCREASE
Drawings DECREASE
Allowance for impairment of TR =
asset
expense
CONTRA asset
To INCREASE allowance for impairment of trade receivables
DR allowance for impairment of tr
CR allowance for impairment of tr
when debt is WRITTEN OFF
DR allowance for impairment of tr
CR tr:name
DR tr:name
CR allowance for impairment of tr
IMPAIRMENT LOSS on trade receivable =
INCOME
EXPENSE
In financial POSITION, trade receivables is presented as:
TR
ADD: allowance for impairment of tr
TR
LESS: allowance for impairment of tr
CHANGE in the allowance for impairment of tr =
impairment loss on tr
allowance for impairment of tr
