• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

Congratulations to Jamil from Pakistan and Jeeva from Malaysia - Global Prize winners!
see all ACCA December 2022 Genius Hunt Competition winners >>

Specially for OpenTuition students: 20% off BPP Books for ACCA & CIMA exams – Get your BPP Discount Code >>

Confusing entry

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Confusing entry

  • This topic has 3 replies, 2 voices, and was last updated 7 years ago by John Moffat.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • October 26, 2015 at 3:38 pm #279078
    Sir Insanity
    Participant
    • Topics: 28
    • Replies: 44
    • ☆☆

    Today’s question goes like this:

    Q. How is the closing balance on A/Cs Receivable entered in the SOFP?

    A By a debit to the SOFP and a credit to the A/Cs Rec.
    B By writing the total in the SOFP. The balance on the A/Cs Rec. remains unaffected.

    This is basic, but I don’t understand if there are even entries like these for assets, liabilities and capital etc. Shouldn’t the ‘writing off’ entries only exist for expenses and income as they are written off to the SOPL? And accounts like assets etc carried down from one period to the other… However, now I’m unsure…

    Some guidance, sir?

    October 26, 2015 at 5:05 pm #279097
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 51551
    • ☆☆☆☆☆

    Hold on…..option B says “writing the total in the SOFP”. It does not say “writing OFF the total”

    In the SOFP we simply list (write) the balances on the accounts. There is no double entry involved.

    October 26, 2015 at 6:31 pm #279112
    Sir Insanity
    Participant
    • Topics: 28
    • Replies: 44
    • ☆☆

    Okay got it. Thank you for the help. 🙂

    October 27, 2015 at 8:30 am #279194
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 51551
    • ☆☆☆☆☆

    You are welcome 🙂

  • Author
    Posts
Viewing 4 posts - 1 through 4 (of 4 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

ACCA News:

 

ACCA My Exam Performance for non-variant Applied Skills exams is available NOW

NEW! Download the ACCA Pass Guide

FREE Verifiable CPD for ACCA Members

ACCA mock exams and debrief videos

ACCA Options:  “Read the Mind of the Marker” articles

Subscribe to ACCA’s Student Accountant Direct

Donate

If you have benefited from OpenTuition please donate.

ACCA CBE 2023 Exams

Instant Poll * How was your exam, and what was the result?

BT CBE exam was.. | MA CBE exam was..
FA CBE exam was.. | LW CBE exam was..

Specially for OpenTuition students

20% off BPP Books

Get BPP Discount Code

Latest comments

  • cBarsoum on The Stages of an Audit – Appointment – ACCA Audit and Assurance (AA)
  • John Moffat on Revaluation Reserve – ACCA Financial Accounting (FA) lectures
  • John Moffat on Revaluation Reserve – ACCA Financial Accounting (FA) lectures
  • CHICCO.J on ACCA AB Chapter 1 – The nature and structure of organisations – Questions
  • Joanne94 on Irrecoverable Debts and Allowances Example 3 – ACCA Financial Accounting (FA) lectures

Copyright © 2023 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in


We use cookies to show you relevant advertising, find out more: Privacy Policy · Cookie Policy