The American Club 2017/2018 Annual Report

THE AMERICAN CLUB

NOTES TO FINANCIAL STATEMENTS 30 June 2018

7. DUE FROM MEMBERS (cont’d)

Before accepting any new member, the Club will assess the potential member’s credit quality and define credit limits for each of the member. Limits attributed to members are reviewed periodically.

Included in the Club’s members balances are receivables with a carrying amount of $258,476 (2017 : $308,823) which are past due at the end of the reporting date for which the Club has not made any allowance for doubtful debts as there has not been a significant change in credit quality and the amounts are still considered recoverable. These receivables are mainly arising from members that have good records with the Club and have placed minimum required deposits.

(ii) These amounts are stated before any deductions for impairment losses.

Movement in the allowance for doubtful debts:

2018

2017

$

$

Balance at beginning of year

65,673 44,652 (27,372)

63,387 91,871 (35,642)

Increase in allowance recognised in profit or loss

Write-back for the year Write-off for the year Balance at end of the year

(30,544) (53,943)

52,409

65,673

8. OTHER RECEIVABLES

2018

2017

$

$

Deposits

4,519

60,494

Miscellaneous debtors

260,983 610,859 265,502 671,353

52 2017/18 ANNUAL REPORT