Borée Banque SA prepares the reconciliation of the loss allowance for expected credit losses on its loans. Opening allowance 410,000; charge for the year 230,000; loans written off and charged against the allowance 95,000. The draft note shows a closing allowance of 552,000 (case data; no other movement). Calculate the closing loss allowance, then the difference between the draft and your calculation.
- Opening loss allowance
- 410,000
- Charge for the year
- 230,000
- Write-offs charged against the loss allowance
- 95,000
- Closing allowance in the draft note
- 552,000