At 31 December 20X2 a company's receivables totalled £400,000 and an allowance for receivables of £50,000 had been brought forward from the year ended 31 December 20X1. It was decided to write off debts totalling £38,000 and to adjust the allowance for receivables to 10% of the receivables.What charge for receivables expense should appear in the company's statement of profit or loss for the year ended 31 December 20X2?
A: £74,200
B: £51,800
C: £28,000
D: £24,200
A: £74,200
B: £51,800
C: £28,000
D: £24,200
举一反三
- At 30 September 20X2 a company's allowance for receivables amounted to $38,000, which was five per cent of the receivables at that date.At 30 September 20X3 receivables totalled $868,500. It was decided to write off $28,500 of debts as irrecoverable and to keep the allowance for receivables at five per cent of receivables.What should be the charge in the statement of profit or loss for the year ended 30 September 20X3 for receivables expense? A: $42,000 B: $33,925 C: $70,500 D: $32,500
- At 30 June 20X5 a company’s allowance for receivables was $39,000. At 30 June 20X6 trade receivables totalled$517,000. It was decided to write off debts totalling $37,000 and to adjust the allowance for receivables to theequivalent of 5% of the trade receivables based on past events.What figure should appear in the income statement for the year ended 30 June 20X6 for receivables expense? A: $61,000 B: $52,000 C: $22,000 D: $37,000
- North Co has a receivables balance at 31 October 20X7 of $456,330. The accountant at North is preparing the financial statements for the year ended 31 October 20X7 and must account for the following. 1 A balance owed by South Co of $780 is deemed irrecoverable and must be written off. 2 The brought forward receivables allowance is $15,255. The allowance for receivables should be adjusted to the equivalent of 5% of the outstanding receivables balances. 3 A payment of $450 from East Co has been received on 30 October. The payment relates to a balance that had previously been written off as irrecoverable by North Co. What value for receivables should appear in the statement of financial position of North Co at 31 October 20X7?
- At 31 March 20X2 a company had oil in hand to be used for heating costing $8,200 and an unpaid heating oil bill for $3,600. At 31 March 20X3 the heating oil in hand was $9,300 and there was an outstanding heating oil bill of $3,200. Payments made for heating oil during the year ended 31 March 20X3 totalled $34,600. Based on these figures, what amount should appear in the company's statement of profit or loss and other comprehensive income for heating oil for the year?
- A business must write off an irrecoverable debt of $3,000.What is the journal entry to record this in the nominal ledger? A: Debit Trade receivables $3 ,000; Credit Sales $3,000 B: Debit Sales $3,000; Credit Trade receivables $3 ,000 C: Debit Irrecoverable debt expense $3,000; Credit Trade receivables $3,000 D: Debit Trade receivables $3,000; Credit Sales $3,000