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Gross receivables and net receivables

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Gross receivables and net receivables

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by John Moffat.
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  • April 27, 2018 at 11:16 am #449061
    krisi
    Member
    • Topics: 11
    • Replies: 4
    • ☆

    Hello,

    net receivables = gross receivables – allowance for receivables.
    If we are given the net receivables at 31.12.20X1= 12.000 and an increase in the
    specific allowance for receivables by $950 to $2.100 at 31.12.X2, why do we calculate the gross receivables at 01.12.20X2 (opening balance receivables X2) = 12.000+(2.100-950) and not =12.000+950? The net receivables at 31.12.20X2= closing balance receivables 31.12.X2 – 2.100

    Thank you!

    April 27, 2018 at 4:33 pm #449111
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54711
    • ☆☆☆☆☆

    Given that the allowance was increased BY 950 up to 2,100, then the allowance at the start of the year must have been 950 lower, i.e. 2,100 – 950.

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