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In the following quarter to 30 june 2022, the following information is available in respect of outstanding customer debts.
Customer Invoice date Payment due date Output VAT
Armour Ltd 1 november 2017 30 november 2016 640
Jousting Ltd 1 october 2021 1 november 2020 555
marioin ltd 15 december 2021 31 january 2021 759
All of the above debts have been written off in knight ltd’s accounts except for the debt due from jousting ltd, as knight ltd is still hopeful that the debt will be paid
How much relief for impairment losses can knight ltd claim in respect of the quarter to 30 june 2022?
I calculated the answer to be 1399 but this is incorrect and I don’t understand whyOnce again you have not properly studied the notes – go back to the study notes – section 3.1(b)
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