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At 1 september 20×8 a company had a receivable balances of $540000 and an allowance for receivables of $5400.during the year ended 31 august 20×7 credit sales were $2500000 and amounts received from credit customers totalled $2485000.it was decided to adjust for the following:
i).to write off debts of $55000.
ii).to make specific allowances of $10000.
iii).to make a general allowances of 10%what figure will appear in the company statement of financial position for net receivables at 31st august 20×9 after adjusting for the above items ?
pls help me
You must have an answer in the same book in which you found the question (unless it has been set you as a test, and we certainly do not answer your tests for you 🙂 ).
You must use this forum to ask about whatever it is in the answer that you are not clear about. Then I will help you and explain. However, I am not going to simply type out a full answer that you should already have anyway – that achieves nothing.
Everything needed to be able to answer this question is explained in detail (with examples) in my free lectures. The lectures are a complete free course for Paper F3 and cover everything needed to be able to pass the exam well.
There is obviously no point at all in attempting questions without having studied the topics first. If you are not watching my free lectures for any reason then you need buy a Study Text from one of the ACCA approved publishers and study from there instead.
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