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Problem 3. Accounts Receivable (Weight 35 %)

 

The following is a list  of PT Yusra's receivables as of December 31, 2012

 

No.      Customer                     Due Date                                 Balance

 

1          PT Ikhlas                     6 June 2012                             Rp10.000.000,-

2          CV. Setia                     20 October 2012                          16.000.000,-

3          PT.Ikhsan                    6 January 2013                                8.500.000,-

4          PT Adil                       27 August 2012                          25.000.000,-

5          PT Sabar                     25 September 2012                      15.000.000,-

6          Firma Mulia                24 Febuary  2012                        20.000.000,-          

 

Based on the experience of previous years, the company determines bad debts by age category as follows:

 

            Receivable age category                                  Percentage uncollected

    

                Not yet due                                                               0%

                 0 – 90 days                                                             5%

               90 – 180 days                                                           20%

Ø                    180 days                                                                50%

 

Asked:

1.      Prepare an aging receivable schedule for the year ended December 31, 2012..

2.      Assume that on January 1, 2012 the balance of the Allowance for Doubtful Accounts account is Rp. 1,500,000,- (credit). On March 1, 2012 the company wrote off the receivables of PT Anisa which went bankrupt for Rp. 3,000,000. However, on September 30, 2012 PT Anisa made a payment of Rp. 2.500.000,- and stated that he could no longer pay the rest.

Ø  Prepare the journal entries needed to write off PT Annisa's receivables on March 1, 2012

ØPrepare the journal entries needed to receive payment of PT Anisa's receivables on September 30, 20212.

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