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Receivable

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Receivable

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by John Moffat.
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  • Author
    Posts
  • March 13, 2021 at 11:58 pm #614374
    sujit222
    Participant
    • Topics: 3
    • Replies: 0
    • ☆

    G co has been notified that a customer has been declared bankrupt. G co had previously made allowance for this receivable.
    Which of the following is correct double entry?
    A) Dr Allowance for receivable
    Cr Receivable

    B) Dr Irrecoverable debt
    Cr Receivable

    March 14, 2021 at 11:01 am #614402
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54752
    • ☆☆☆☆☆

    This should not really be asked in the exam because, as I explain in my free lectures, the correct end result can be achieved using either of the two entries.

    However, if it is asked as a ‘one-off’ entry as here, then the entry to choose is the first one (A).

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