GREEN DRAGON WOOD PRODUCTS, INC. | 2012 | FY | 3


5.   ACCOUNTS RECEIVABLE, NET
 
   
March 31,
   
March 31,
 
   
2012
   
2011
 
             
Accounts receivable, trade
  $ 5,771,924     $ 6,250,353  
 Less: allowances for doubtful accounts
    (17,365 )     (13,710 )
Accounts receivable, net
  $ 5,754,559     $ 6,236,643  
 
The majority of the Company’s sales are on open credit terms and in accordance with terms specified in the contracts governing the relevant transactions. The Company evaluates the need of an allowance for doubtful accounts based on specifically identified amounts that management believes to be uncollectible. If actual collections experience changes, revisions to the allowance may be required.
 
For the year ended March 31, 2012, the Company provided an allowance for doubtful accounts of $3,612 and wrote-off uncollectible accounts of $0.
 
For the year ended March 31, 2011, the Company provided an allowance for doubtful accounts of $13,733 and wrote-off uncollectible accounts of $29,712.

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