Annual Report 2016/17

THE AMERICAN CLUB

NOTES TO FINANCIAL STATEMENTS 30 June 2017

7. DUE FROM MEMBERS (cont’d)

(i) Aging of members’ balances that are past due but not impaired:

2017

2016

$

$

< 30 days

234,970

255,259

30 to 60 days

56,630

61,909

More than 60 days

17,223 40,253 308,823 357,421

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 $308,823 (2016 : $357,421) 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:

2017

2016

$

$

Balance at beginning of year

63,387 91,871

103,553

Increase in allowance recognised in profit or loss

81,761

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

(35,642)

(48,021)

(53,943) (73,906) 65,673 63,387

8. OTHER RECEIVABLES

2017

2016

$

$

Deposits

60,494

44,068

Miscellaneous debtors

610,859 233,449 671,353 277,517

52 2016/17 ANNUAL REPORT