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receivable control account

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › receivable control account

  • This topic has 1 reply, 2 voices, and was last updated 2 years ago by John Moffat.
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  • October 11, 2022 at 4:02 am #668273
    minhnguyen@abc
    Member
    • Topics: 12
    • Replies: 16
    • ☆

    i don’t understand why receipts from credit customers are credited in receivable control account
    as it increase asset

    October 11, 2022 at 8:01 am #668285
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54752
    • ☆☆☆☆☆

    We debit cash (which increases the asset of cash), and we credit receivables (because customers then owe less and so that asset decreases).

    I do suggest that you watch my free lectures. The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.

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