What is allowance uncollectible ? Does it come under current assets ? if so why ?
Please explain,seriously confused !

Allowance uncollectible is a contra-asset account and is used because when a sale is on credit there is a possibly that you will not collect on all your credit sales. Because of this uncertainy a company has to use an allowance for doubtful accounts to show what the company expects to receive on their accounts receivable.

A contra account is used to offset another account and in this case the account offsets Accounts Receivable, which is a current asset.

Hey thanks ! Got it :D,now it makes sense !