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2015年ACCA考试《F3财务会计》辅导资料<13>

来源：高顿网校 2015-04-15

　lession 8 Irrecoverable debts and allowances

　　Main contents:

　　1.Irrecoverable debts

　　2.Allowance for receivables

　　3.Accounting for irrecoverable debts and receivable allowances

　　8.1 Irrecoverable debts

　　●Trade receivables:

　　A trade receivable is a customer who owes money to the business as a result of buying goods or service on credit.

　　●Accruals concept:

　　The accruals concept requires a sale to be included in the ledger accounts at the time that it is made.Credit sales are claimed when the sale is invoiced.The double entry at the invoice date will be:

　　Dr.　　　Cr.

　　Receivables　　　 xx

　　Sales　　　　　　　　　　　xx

　　When the customer eventually settles the invoice the double entry will be:

　　Dr.　　　Cr.

　　Cash　　　　　　　xx

　　Receivables　　　　　　　　xx

　　Problems: collecting the amounts owing from customers

　　Reasons: bankruptcy, fraud or disputes

　　●Prudence concept:

　　The prudence concept requires some adjustment to reflect the actual or potential loss arising from unpaid debts.

　　●Irrecoverable debt:

　　A debt which is considered to be uncollectible.

　　- Highly unlikely that the amount owed will be received.

　　- Written off by writing it out of the ledger accounts completely.

　　●Accounting for irrecoverable debts

　　- It is prudent to remove the irrecoverable debts from the accounts and to charge the amount as an expense for irrecoverable debts to the I.S.

　　- The original sales remains in the accounts as this did actually take place.

　　Dr.Irrecoverable debts expense　　 xx

　　Cr.Receivables control account　　　　 xx

　　Example:

　　Arctic Co.have total accounts receivable at the end of their accounting period of $45,000.Of these it is discovered that one, Mr.X who woes $790, has been declared bankruptcy, and another who gave his name as Mr.Jones has totally disappeared owing Arctic Co.$1,240.

　　Write up the ledger accounts to reflect the writing off these debts as irrecoverable.

　　Solution:

　　Dr.Irrecoverable debts expense　　 2,030

　　Cr.Receivables control account　　　　 2,030

　　●Accounting for irrecoverable debts recovered

　　Irrecoverable debts are received

　　When an irrecoverable debt is recovered, the accounting entry is:

　　Dr.Cash　　　　　　　　　　　　　 xx

　　Cr.Irrecoverable debt expense　　　 xx

　　8.2 An allowance for receivables:

　　●Allowance for receivables is an estimate of the percentage of debts which are not expected to be paid.

　　(a)When an allowance is first made, the amount of this initial allowance is charged as an expense in the income statement, for the period in which the allowance is created.

　　(b)When an allowance already exists, but is subsequently increased in size, the amount of the increase in allowance is charged as an expense in the income statement, for the period in which the increased allowance is made.

　　(c)When an allowance already exists, but is subsequently reduced in size, the amount of the decrease in allowance is credited back to the income statement, for the period in which the increased allowance is made.

　　The value of trade receivable in the statement of financial position must be shown after deducting the allowance for receivables.

　　Example:

　　A business has trade receivables outstanding at 30 June 20x5 and decided to create 5% allowances for receivables.

　　(a)In the income statement, the newly created allowance of $2,500 (5% x 50,000 = 2,500)will be shown as an expense.

　　(b)In the statement of financial position, trade accounts receivables will be shown as: $

　　Total receivables 50,000

　　Less: allowance for receivables

　　8.3 Accounting for irrecoverable debts and receivable allowances

　　●Irrecoverable debts written off

　　- When the irrecoverable debts are written off, the double entry might be:

　　Dr.Irrecoverable debts

　　Cr.Receivable control account

　　- When an irrecoverable debt is subsequently received, the accounting entries are:

　　Dr.Cash

　　Cr.Irrecoverable debts

　　●Allowance for receivables

　　(a)Open up an allowance account

　　Dr.Irrecoverable debts account (expense)

　　Cr.Allowance for receivables

　　(b)In subsequent years

　　- calculate the new allowance required

　　- compare it with the existing balance on the allowance account

　　- calculate increase or decrease required

　　(only a movement in the allowance is charged to the I.S.)

　　(i)If a higher allowance is required:

　　Dr.Irrecoverable debts expense

　　Cr.Allowance for receivables

　　(ii)If a lower allowance is required:

　　Dr.Allowance for receivables

　　Cr.Irrecoverable debts expense

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