The trial balance of Prudent Limited included the following balances as at October 1, 2015:

During the year to September 30, 2016, Prudent Limited’s credit sales were ₦8,142,000, cash received from customers was ₦7,820,000, and bad debts written off were ₦46,000. Based on experience, Prudent Limited decided to recognize additional allowance of 5% on its receivables as doubtful.

Required:
Prepare the ledgers for:

1. Receivables Account
2. Bad and Doubtful Debt Expense Account
3. Allowance for Doubtful Receivables Account
   (6 Marks)