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Accounting > Irrecoverable debt > Flashcards

Irrecoverable debt Flashcards

1
Q

What is irrecoverable debt?

A

Debt that will not be paid

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2
Q

What is the double entry for irrecoverable debt?

A

Debit ‘irrecoverable debts’ - expense on income statement

Credit ‘Trade receivables’ - Decreases the figure in current assets

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Accounting (118 decks)

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