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OTHER RECEIVABLES, NET (Tables)
6 Months Ended
Dec. 31, 2021
OTHER RECEIVABLES, NET  
Schedule of Other receivables, net

Other receivables, net consisted of the following:

    

June 30, 

    

December 31,

    

December 31,

2021

2021

2021

RMB

U.S. Dollars

Third Party

 

RMB

 

(Unaudited)

 

(Unaudited)

Business advances to officers and staffs (A)

 

¥

957,277

 

¥

1,633,123

 

$

256,723

Deposits for projects

 

1,982,987

 

2,036,195

 

320,085

VAT recoverable

 

3,562,295

 

3,277,675

 

515,243

Others

 

1,469,949

 

2,543,476

 

399,828

7,972,508

9,490,469

1,491,879

Less: Long term portion (B)

(114,679)

(324,515)

(51,013)

Allowance for credit losses

 

(918,153)

 

(569,138)

 

(89,467)

Other receivable - current portion

 

¥

6,939,676

¥

8,596,816

$

1,351,399

(A)Business advances to officers and staffs represent advances for business travel and sundry expenses related to oilfield or on-site installation and inspection of products through customer approval and acceptance.
(B)Long-term portion are mainly tender deposits for large-scale projects or rental contracts. These funds may not be collected back until projects are finished or contracts are completed.
Schedule of Movement of allowance for doubtful accounts

Movement of allowance for credit losses is as follows:

    

June 30, 

    

December 31,

    

December 31,

2021

2021

2021

RMB

U.S. Dollars

RMB

(Unaudited)

(Unaudited)

Beginning balance

 

¥

1,529,036

 

¥

918,153

$

144,331

Balance acquired from FGS

 

151,689

 

 

Reversal of credit losses

(187,161)

(344,950)

(54,225)

Less: write-off

 

(575,411)

 

(4,065)

 

(639)

Ending balance

 

¥

918,153

 

¥

569,138

$

89,467