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

June 2025 ACCA Exam Results

Comments & Instant poll >>

20% off ACCA & CIMA Books

OpenTuition recommends the new interactive BPP books for June 2025 exams.
Get your discount code >>

Incomplete records

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Incomplete records

  • This topic has 7 replies, 2 voices, and was last updated 2 years ago by John Moffat.
Viewing 8 posts - 1 through 8 (of 8 total)
  • Author
    Posts
  • September 1, 2022 at 9:36 am #664814
    krrish123456
    Member
    • Topics: 12
    • Replies: 25
    • ☆

    Sir i am not able to understand illustration 1 incomplete records in kaplan study text:
    The closing trade receivables figure at 31 july 2018 taken from prior year’s statement of financial position was 98425 you have reviewed the list of receivables and calculated that receivables outstanding at 31 july 2019 total 107550 after discussion it was determined that prior to year end 1500 of trade receivables were written off as irrecoverable .this has not been reflected in the list of memorandum to assist one of your book keepers has reconciled the cash book with bank statement for the year and has calculated 245675 was received from customers out which 53435 was cash sales .the remainder constituted receipts from credit customers. What was the sales revenue for the year?
    Sir kindly help me find the answer as i am not able to understand kaplan’s solution

    September 1, 2022 at 3:59 pm #664852
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    The cash received from credit sales was 245675 – 53435 = 192240.

    On the receivables control account there is a debit balance brought forward of 98425. On the credit side there will be the irrecoverable debts of 1500, the cash received of 192240, and the closing balance carried forward of 107550. The missing figure on the debit side is 202865, and this must be the credit sales.

    Add this to the cash sales of 53435 and the total is the total sales revenue.

    Have you watched my free lectures on all of this? The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.

    September 1, 2022 at 4:22 pm #664858
    krrish123456
    Member
    • Topics: 12
    • Replies: 25
    • ☆

    Sir but irrecoverable debts are not included in list of receivables so shouldn’t we subtract 1500 from 107550 and then show 1500 on credit side? As we used 107550 from memorandum and it didn’t included 1500…so we should subtract 1500 from 107550 ?
    So on debit side 98425 will come
    On credit side 192240+ 1500 +106050 will come and final balance of credit sale
    201365?

    September 2, 2022 at 3:32 pm #664950
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    It depends what ‘list memorandum’ is supposed to mean. As it stands it doesn’t mean anything (and is not a standard term).
    Given that the question says that the 1500 was written off before the year end, then the 107550 is presumably already after removing the irrecoverable debt.

    What does the answer in your book do?

    September 2, 2022 at 4:07 pm #664955
    krrish123456
    Member
    • Topics: 12
    • Replies: 25
    • ☆

    Sir the question states that 1500 was left to be deducted from 107550

    The answer in book shows: 98425 debit side

    And credit side:192240+106050

    I miswrote the question sir it was
    ” shortly prior to year end 1500 of irrecoverable were TO BE written off however they were not removed from 107550″
    So i guess they should show 1500 as irrecoverable debt on credit side
    So that credit side : 192240+106050+1500

    September 2, 2022 at 4:45 pm #664967
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    Yes. It seems as though there may be a mistake in your book because the credit side should be as you have typed in your last line.

    September 3, 2022 at 5:07 am #664990
    krrish123456
    Member
    • Topics: 12
    • Replies: 25
    • ☆

    Thank you so much sir!!!!!

    September 3, 2022 at 6:49 am #664995
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    You are welcome.

  • Author
    Posts
Viewing 8 posts - 1 through 8 (of 8 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

Donate
If you have benefited from our materials, please donate

ACCA News:

ACCA My Exam Performance for non-variant

Applied Skills exams is available NOW

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

Subscribe to ACCA’s Student Accountant Direct

ACCA CBE 2025 Exams

How was your exam, and what was the exam result?

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

Donate

If you have benefited from OpenTuition please donate.

PQ Magazine

Latest Comments

  • Josfel on Relevant cash flows for DCF Taxation (example 4) – ACCA Financial Management (FM)
  • askar.turganbayev@gmail.com on AA Chapter 2 Questions
  • RashidMh on MA Chapter 1 Questions Accounting for Management
  • John Moffat on Relevant Cash Flows for DCF Relevant Costs (example 1) – ACCA Financial Management (FM)
  • John Moffat on Accounting for Management – ACCA Management Accounting (MA)

Copyright © 2025 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in