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completeness of Trade receivables

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › completeness of Trade receivables

  • This topic has 1 reply, 2 voices, and was last updated 9 months ago by Kim Smith.
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  • August 29, 2021 at 2:46 pm #633388
    Noah098
    • Topics: 936
    • Replies: 352
    • ☆☆☆☆☆

    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?

    August 29, 2021 at 5:53 pm #633409
    Kim Smith
    Keymaster
    • Topics: 87
    • Replies: 6079
    • ☆☆☆☆☆

    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.

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