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Receivables and irrecoverable debt

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Receivables and irrecoverable debt

  • This topic has 1 reply, 2 voices, and was last updated 5 years ago by John Moffat.
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  • May 23, 2017 at 3:06 pm #387622
    annieadwoa
    Member
    • Topics: 8
    • Replies: 0
    • ☆

    1. When asked to give the receivable expense for the year end and you have irrecoverable debt, do you always deduct it from the previous receivable expense before calculating the allowance for receivable?

    2. when you have been given special allowance, do you always deduct it from receivables at the beginning of the year and also deduct the irrecoverable debt from the beginning receivable before calculating the new allowance for receivables?

    May 24, 2017 at 7:03 am #387716
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 51538
    • ☆☆☆☆☆

    1. If the irrecoverable debts had been removed during the year, then the receivables balance is already after removing it, so we don’t remove it again when calculating the allowance.
    If the irrecoverable debt was only discovered at the end of the year, then it won’t already have been removed and we do therefore need to remove it.

    2 The allowance at the beginning of the year (whether special or general) is not relevant when calculating the allowance required at the end of the year.

    (have you watched my free lectures on this? The lectures are a complete free course for Paper F3 and cover everything needed to be able to pass the exam well.)

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