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What are the sales on credit

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › What are the sales on credit

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by John Moffat.
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  • Author
    Posts
  • November 26, 2015 at 7:32 am #285352
    Quốc Anh
    Member
    • Topics: 41
    • Replies: 23
    • ☆☆

    I had the question and I need your recommendation:

    Receivables at 1 January 20X3 $10000
    Receivables at 31 December 20X3 $9000
    Total receipts during 20X3 (including cash sales of $5000) $85000
    What are the sales on credit during 20X3

    I did as:

    Sales on credit = 85000-5000+9000=89000
    But that is a wrong answer
    I confused that what is the difference between receivable at 1 January and at 31 December?

    November 26, 2015 at 9:56 am #285405
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 51532
    • ☆☆☆☆☆

    They received 80,000 cash from credit customers.

    10,000 of it was what they were owed at the start of the year, which leaves 70,000

    They are still owed 9000 at the end of the year, so the total sales on credit are therefore 79,000.

    (The total sales are 84,000 because of the 5,000 cash sales as well).

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