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Was OT wrong on this question?

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › Was OT wrong on this question?

  • This topic has 1 reply, 1 voice, and was last updated 14 years ago by littlestart.
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  • December 4, 2010 at 8:33 pm #46618
    littlestart
    Member
    • Topics: 10
    • Replies: 59
    • ☆☆

    Dear littlestart

    The question said that balance of the receivables account includes a cash received of 1,800 which had previously been written off, it means that the received cash incorrectly credited in the account while it doesn’t have any effects on this account, therefor it should be added to the receivables balance.
    Additionally, in respect of your second doubtful point, when a business receives a debt which it was an allowed debt, the entry of this receiving just affect on credit side of receivables account and on debit side of the cash or bank accounts too, so as the question said that the receivables account includes of this entry it means this event doesn’t have any revisory effect on the account’s balance because it was accurately and truly deducted before.

    Good luck

    December 4, 2010 at 10:55 pm #72587
    littlestart
    Member
    • Topics: 10
    • Replies: 59
    • ☆☆

    Thanks man, that’s really helpful. All the best.

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