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Hello sir,
Strata’s current account balance with Paradigm at 31 March 2013 was $2·8 million, which did not agree with Paradigm’s equivalent receivable due to a payment of $900,000 made by Strata on 28 March 2013, which was not received by Paradigm until 3 April 2013.
Prepare the consolidated statement of financial position for Paradigm as at 31 March 2013the question is :
“Strata’s current account balance with Paradigm ” ,
What is meant by the current account balance,a trade receivable or trade payable ?
and that current account, at which company books, Paradigm or Strata ?Thanks
Well, if it “did not agree with Paradigm’s equivalent receivable” then it must be a payable in Strata’s records
They both have current accounts …
… in Paradigm’s records there will be an account called “Current Account with Strata” and
… in Strata’s records there will be an account called “Current Account with Paradigm”
Have you watched the lectures where I go through this on the screen?
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