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I would be clarifed a doubt regarding to Receivables and Trade Receivables which appears in the Trial Balance, when calculating Current Assets – Receivables in the Statement of Financial Position.
Practising with BPP revision kit I have notice that :
1) when I have Receivables and IRR in the Trial Balance, Receivables in SFP is calculated as (Receivables – New Allowance Rec.). It is clear that Receivables is already less IRR (written off)
2) when I have Trade Receivables and IRR in the Trial Balance for calculating the final Receivables in SPF I have to proceed : (Receivables – IRR – New Allowance Rec.)
Is it correct ?
Coudl you please provide clarification regarding to receivables and trade receivables in English ?
Thank you in Advance
You must ask in the Ask the Tutor Forum if you wish for me to answer. This forum is for students to help each other.
(I do assume that you have watched my free lectures on irrecoverable and doubtful debts? The lectures are a complete free course for Paper F3 and cover everything needed to be able to pass the exam well.)