Trade Payables – ACCA Audit and Assurance (AA)

Comments

1. martha2019 says

   July 3, 2023 at 9:47 am

   Thanks for the lesson.
   my question is what is the difference between a circularisation and a correspondence?

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   • Kim Smith says

     July 4, 2023 at 4:04 pm

     Please use the tutor forum to ask any technical questions https://opentuition.com/forum/ask-acca-tutor-forums/ask-the-tutor-acca-audit-and-assurance-aa-exams

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2. yushengng says

   June 26, 2018 at 5:19 pm

   Thank you for the quick reply!

   I have just seen the detailed explanation in Chapter 18.

   Regards,
   YuSheng

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3. yushengng says

   June 26, 2018 at 10:14 am

   Hello,

   For example, if goods were received in the final week of the financial period (with GRN) but the invoice for the said transaction was only issued a week later, which is in the next financial period. What should be the appropriate entries in the balance sheet?

   Thank you for the great video lectures!

   Regards,
   YuSheng

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   • Ken Garrett says

     June 26, 2018 at 3:59 pm

     Thanks.

     Dr Purchases
     Cr Purchase provision/reserve

     In the new year, when the invoice is received:

     Dr Purchase provision/reserve
     Cr Supplier account in payables ledger.

     The amount should also appear in closing inventory.

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