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The main differences that will affect these exams are those in terms of terminology. The terms 'bad debts' and 'irrecoverable debts' will still be used and will relate to specific debts which are not considered to be collectible and so are written off to the income statement/profit and loss account. Effectively, they are 100% impaired.
General allowances/provisions are in effect no longer allowed. However, allowances are still allowed if they are based on past experience, and on the amount of cash which will be collected. The effect on the CAT papers and ACCA Qualification Paper F3 is limited. Questions and answers will be similar to past examination questions.
Note that the differences in terminology or narrative are in bold.
At 31 December 2004, a company's trade receivables/debtors totalled $864,000, and the allowance for receivables/debtors was$38,000. It was decided that specific debts totalling $13,000 were to be written off as the cash was considered to be irrecoverable, and the allowance for receivables/debtors was to be adjusted to the equivalent of 5% of the trade receivables/debtors based on past experience.
That figure should appear in the balance sheet for trade receivables/debtors and in the income statement/profit and loss account for the total of bad debts and the allowance for trade receivables/debtors?
Balance sheet
Trade receivables/debtors $808,450
($864,000 - $13,000 - $42,550)
Income statement/Profit and loss a/c
Bad debts $13,000
Allowance for trade receivables/
debtors ($42,550 - $38,000) $4,550
[($864,000 - $13,000) x 5% = $42,550]