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What total amount should be recognised for receivables in the income statement for the year ended 30

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › What total amount should be recognised for receivables in the income statement for the year ended 30

  • This topic has 1 reply, 2 voices, and was last updated 14 years ago by choonfah87.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • September 14, 2010 at 7:54 am #45250
    anitha89
    Participant
    • Topics: 12
    • Replies: 13
    • ☆

    Clinton had receivables of $598,600 at 30 November 2008. His allowance for
    receivables at 1 December 2007 was $12,460 and he wishes to change that to
    2% of receivables at 30 November 2008. On 29 November 2008 he received
    $635 in full settlement of a debt that he had written off in the year ended 30
    November 2007.
    What total amount should be recognised for receivables in the income
    statement for the year ended 30 November 2008?
    A $488 credit
    B $11,972 debit
    C $1,123 credit
    D $147 debit

    October 2, 2010 at 10:54 am #68038
    choonfah87
    Member
    • Topics: 13
    • Replies: 67
    • ☆☆

    answer is C

    first step-allowance for receivable 12460 bal b/d-1 dec 2007
    2nd step determine allowance for receivable nov-2008-598600*2%=11972
    reduce in allowance=DR allowance for receivable CR income statement
    12460-11972=488 CR
    bad debt recovered DR cash cr bad debt recovered-635 CR
    488+635=1123 CR

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