Preparation accounting for cash and receivables Hardy Ltd provides cruise tours for seniors. Hardy Ltd provides these tours to four tour providers: A Ltd, F Ltd, N Ltd and Y Ltd. The following was...

Preparation accounting for cash and receivables Hardy Ltd provides cruise tours for seniors. Hardy Ltd provides these tours to four tour providers: A Ltd, F Ltd, N Ltd and Y Ltd. The following was extracted from the schedule of debtors: 2018 2019 $ $ A Ltd (a) 29 432 F Ltd 65 147 94 564 N Ltd (b) 47 733 Y Ltd 29 924 (c) The following was extracted from the sales journal: Particulars Invoice No. Accounts receivable $ A Ltd 0501 25 365 F Ltd 0502 (d) N Ltd 0503 15 000 N Ltd 0504 21 463 A Ltd 0505 51 156 N Ltd 0506 11 270 The following was extracted from the cash receipts journal: Particulars Accounts receivable $ A Ltd 30 000 Y Ltd 9 924 F Ltd 15 677 N Ltd 24 376 A Ltd 22 365 F Ltd 23 742 A Ltd 19 050 The following information is also available (before any write-offs): 2018 2019 $ $ Total cash receipts 289 563 350 742 Accounts receivable control (e) 191 729 Total credit sales 251 764 (f) Allowance for doubtful debts 7 552 (g) Bad debts expense 14 372 (h) No further sales were made during the year to Y Ltd, and it was decided at the end of the year that his remaining account would be written off against the allowance for doubtful debts. The closing balance of the allowance for doubtful debts for 2019 is 3 per cent of total credit sales for the year. 1 Calculate the missing figures (a) to (h). Show all workings. a A Ltd (opening balance) b N Ltd (opening balance) c Y Ltd (closing balance – before write-off) d F Ltd (sales) e Accounts receivable control (opening balance) f Total credit sales for 2019 g Allowance for doubtful debts for 2019 (closing balance) h Bad debts expense for 2019 2 Using the general journal format, complete the following journal entries (as at the end of 2019): a Write off the remaining balance of Y Ltd’s account. b Recognise the bad debts expense for the year.