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Sales Revenue Figure

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › Sales Revenue Figure

  • This topic has 6 replies, 2 voices, and was last updated 12 years ago by soar.
Viewing 7 posts - 1 through 7 (of 7 total)
  • Author
    Posts
  • March 12, 2013 at 9:43 am #119689
    soar
    Member
    • Topics: 20
    • Replies: 35
    • ☆☆

    Where is this figure taken from.. it seems to include the deduction form sales returns and debts written off.
    so it’s taken form credit sales in Receivabelsa account plus cash sales?
    but then why is written off debts also listed as an expense if it is already incuded in revenue figure for the year?

    March 18, 2013 at 8:36 am #120001
    Kaymakov
    Member
    • Topics: 24
    • Replies: 30
    • ☆☆

    Hi

    Revenue per your income statement is CREDIT.
    When you write-off bad-debts in income statement it’s DEBIT (expense)

    March 23, 2013 at 10:39 am #120443
    soar
    Member
    • Topics: 20
    • Replies: 35
    • ☆☆

    I mean the sales revenue figure on the income statemtent, where does this come from?
    I think now it is simply taken form the sales t account.
    And does not include the deduction of bad debts.
    But is adjusted by deducting sales returns.
    Is this correct?

    March 25, 2013 at 9:28 am #120543
    Kaymakov
    Member
    • Topics: 24
    • Replies: 30
    • ☆☆

    Hi, yes it comes from sales.

    In f3 there are mostly two types of sales
    1) cash sales. Double-entry: dr cash & cr sales
    2) credit sales. Double-entry: dr receivables & cr sales

    Yes, sales must deducted of returns. Double-entry: dr sales & cr receivables or cash.

    It does not include bad-debt write-off.

    Hope im clear

    March 25, 2013 at 9:48 am #120545
    soar
    Member
    • Topics: 20
    • Replies: 35
    • ☆☆

    Yes thanks.

    So if a sales return t account is used its simply:
    dr returns in
    cr cash/receivables

    And the balance of this account is deducted form the Sales balance to get the revenue figure?

    March 25, 2013 at 10:04 am #120546
    Kaymakov
    Member
    • Topics: 24
    • Replies: 30
    • ☆☆

    Hi, yes

    2 ways:

    1) a sales return t account is used its simply:
    dr returns in
    cr cash/receivables

    or
    2) a sales t account is used its simply:
    dr sales in
    cr cash/receivables

    March 25, 2013 at 10:55 am #120552
    soar
    Member
    • Topics: 20
    • Replies: 35
    • ☆☆

    ok thanks.

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