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credit notes issued post yr end

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › credit notes issued post yr end

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
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  • August 12, 2021 at 10:30 am #631316
    Noah098
    Member
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    credit notes issued post yr end would identify possible overstatement of income rather than understatement.

    Maam could you explain this statement with the help of an example?

    August 12, 2021 at 10:50 am #631322
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6797
    • ☆☆☆☆☆

    In December, Apple Co raises an invoice for $10,000: Dr Receivable/Cr Revenue

    In January, it cancels the invoice with a credit note: Dr Revenue/Cr Receivable

    If the credit note isn’t accrued at 31 December: Dr Revenue/Cr Credit note accrual (which would be offset against trade receivables in SoFP), revenue will be overstated.

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