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RECEIVABLES

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA MA – FIA FMA › RECEIVABLES

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by John Moffat.
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  • November 16, 2015 at 12:07 pm #282821
    samara182
    Member
    • Topics: 6
    • Replies: 6
    • ☆

    Receivables at 1/1/20X3 10000$
    Receivables 31/12/20X3 9000$
    Total receipts during 20X3 (including 5000$ cash sales) 85000$

    What was the sales revenue figure for 20X3?

    The given answer says 84000$

    And the calculation is Total receipts 85000 + C/F 31/12/20X3 9000 = 94000$
    940000 – 10000 = 84000

    My question is, why is the whole amount of receipts included on the trade receivables T account even though it includes cash sales?

    November 16, 2015 at 8:00 pm #283113
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 51532
    • ☆☆☆☆☆

    Why have you asked this in the F2 forum? It is only relevant for Paper F3 🙂

    You will get the same answer even if you treat the cash sales separately.

    If you ignore initially the cash sales, then the credit sales are 80,000 + 9,000 – 10,000 = 79,000.

    In addition there are cash sales of 5,000.

    So the total sales revenue is 79,000 + 5,000 = 84,000.

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