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Hello
The issue here is two fold:
1. the receivables listing includes a long list of unrepresented cheques as part of the total receivables
2. these outstanding cheques cover a period of 5 to 6 years for different items such as payables, donations, loans from the entity, and many others.I would like to know what should be done to correct it. i am a bit unsure since the period is for years before the current year and also there are so many other accounts besides the cash account (which form the double entry).
Thanks in advance for assisting 🙂
You should ask this in the relevant paper forum (which would normally be Paper F3 in the case of unpresented cheques).
However, the situation is ridiculous – unpresented cheques have nothing to do with receivables (unless the are receiving cheques from customers but doing nothing with them, which would be mad and would certainly be irrelevant for any ACCA exams!!)
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