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Kim Smith.
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Noah098
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Review the receivables ledger for any credit balances and discuss with management whether these should be reclassified as payables.
maam can you explain how does the above SP test for completeness of trade receivables?
Kim Smith
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Receivables ledger control a/c in G/L = $58,000 = Balance per TB = Receivables in FS
BUT … if, for example:
Dr balances in receivables ledger = $61,000
Cr balances in receivables ledger = $3,000$58,000 will be an UNDERSTATEMENT of amounts receivable if the $3,000 represent amounts payable.
Noah098
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