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hi! John
help me in this question.On 31st march 2014, the balance on the receivables control account of P company is $425,700. The
bookkeeper has identified that the following adjustments for receivables are required:
Irrecoverable debt recovered $2,000
Specific allowances $2,400
It was decided that a further allowance for receivables of 2% should be made based on past events.
The allowances for receivables on 1 april 2013 was$1,900.
What was the receivables expense for the year ended 31 march 2014?
$……………….(source internet)
It is ridiculous to waste your time attempting questions for which you do not have an answer. You should be using a Revision Kit from one of the ACCA approved publishers – they have answers and explanations.
I assume that you have watched my free lectures on irrecoverable and doubtful debts, so tell me what answer you get for this question. Then I will tell you whether or not you are correct (and explain where you went wrong if you are not correct) 🙂
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