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Hi John,
Could you confirm that the receivable amount that is shown in the statement of financial position is the ” Net receivable”, ToT receivable – Irrecoverable debt – Allowance for receivable?
I have always prepared the financial statement reporting the Net receivable under the current asset, is it correct? The allowance receivable is only a contra account, but it does not appear in the Statement of financial position.
Once again thanks for your help
Gabbi
The final receivables figure is the balance on the receivables account less the balance on the allowance account. However it is required to show the two separate balances – either on the face of the statement, or ( more likely) as a note to the accounts.
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