Home For AAT student members AQ 2013 AAT Level 4 (Level 8 in Scotland)
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Receivable collection 60 days, outstanding amount end of 2013 £567300.How much was purchased in 2013

Please explain.

Answers

  • mybuddymybuddy Registered Posts: 3
    This statement means that on an average, purchases are paid in 60 days.
    So, £ 567300 outstanding at 2013 end means purchases of 60 days = £ 567300.
    So, purchases for the whole year = £ 567300 * 360/60 = £ 3403800 ( assuming 360 days in a year )
    Purchases for 2013 = £ 3403800
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