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Irrecoverable Debts and Allowance for Receivables

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Irrecoverable Debts and Allowance for Receivables

  • This topic has 3 replies, 2 voices, and was last updated 7 years ago by John Moffat.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • November 17, 2015 at 1:46 pm #283353
    afsheen18
    Member
    • Topics: 13
    • Replies: 10
    • ☆

    The following balances relate to Putney:

    Receivables at 1.1.08————————34,500
    Cash received from credit customers—229,900
    Contra with payables————————-1,200
    Discounts allowed—————————-17,890
    Cash sales————————————-24,000
    Irrecoverable debts————————–18,600
    Increase in allowance for receivables—12,500
    Discounts received—————————15,670
    Receivables at 31.12.08——————–45,000

    What is the revenue figure reported by Putney in the year ended 31 Dec 2008?
    A. $275,870
    B. $278,090
    C. $290,590
    D. $302,090

    November 17, 2015 at 2:54 pm #283398
    John Moffat
    Keymaster
    • Topics: 56
    • Replies: 51571
    • ☆☆☆☆☆

    As I wrote in answer to the first of your questions, you must not simply set test questions.
    You must have an answer in your book (unless it is homework and we are certainly not here to do homework 🙂 )

    Please watch our free lectures and then if you still have a problem then ask about the specific problem you have with the printed answer.

    November 18, 2015 at 8:30 am #283472
    afsheen18
    Member
    • Topics: 13
    • Replies: 10
    • ☆

    My question is that why is cash received + contra + Discounts allowed + bad debts + balance c/f – opening receivables considered as the credit sale?

    November 18, 2015 at 11:12 am #283574
    John Moffat
    Keymaster
    • Topics: 56
    • Replies: 51571
    • ☆☆☆☆☆

    I would like to help, but it would effectively mean typing out the whole of one of the free lectures.

    Please watch the free lecture on Control Accounts – it should then become clear.

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