52 / 62
52
2016/17
ANNUAL REPORT
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
103,553
Increase in allowance recognised in profit or loss
91,871
81,761
Write-back for the year
(35,642)
(48,021)
Write-off for the year
(53,943) (73,906)
Balance at end of year
65,673 63,387
8. OTHER RECEIVABLES
2017
2016
$
$
Deposits
60,494
44,068
Miscellaneous debtors
610,859 233,449
671,353 277,517