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exam question – receivables

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › exam question – receivables

  • This topic has 1 reply, 2 voices, and was last updated 3 years ago by John Moffat.
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  • March 22, 2019 at 2:34 pm #510073
    kingkongsajang
    Member
    • Topics: 95
    • Replies: 75
    • ☆☆

    – receivables at 1 Jan 2013 is $10,000
    – receivables at 31 Dec 2013 is $9,000
    – total receipts during 2013 (including cash sales of $5,000 was $85,000

    Q> what is the sales revenue figure for 2013?

    My question: why is the cash receipt (from trade receivables so credit sales) recorded as $85,000 and not $80,000 ($85,000 – $5,000)?

    surely the cash sales should not be part of the credit sales?

    kind regards,

    March 22, 2019 at 3:26 pm #510080
    John Moffat
    Keymaster
    • Topics: 56
    • Replies: 51571
    • ☆☆☆☆☆

    By all means calculate the credit sales based on the 80,000 received, and then add on the cash sales to get the total sales revenue.
    You will get the same answer.

    (I assume that you did attempt it yourself before looking at the answer?)

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