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AA

Trade Payables - ACCA Audit and Assurance (AA)

VIVA Subject Guide

5 Comments

  1. martha2019
    Thanks for the lesson.
    my question is what is the difference between a circularisation and a correspondence?
  2. KimTutor
    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
  3. yushengng
    Thank you for the quick reply!

    I have just seen the detailed explanation in Chapter 18.

    Regards,
    YuSheng
  4. yushengng
    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
  5. kengarrettTutor
    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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