Practice Assessment 2, Task 1
gabriellenlewis
Registered Posts: 129
How do we calculate Receipts from Trade Receivables and Receipts from Trade Payables?
0
Comments
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You should look back over "T" accounts.
Use the opening and closing figures and turnover and purchase figures.
Be careful that a percentage of turnover is cash so will not be included in trade receivables.0 -
If closing receivables figure for period 5 was 890 and closing in period 6 was 845 then that would surely mean 45 had been received (receipts) in that period?GMS1992 said:You should look back over "T" accounts.
Use the opening and closing figures and turnover and purchase figures.
Be careful that a percentage of turnover is cash so will not be included in trade receivables.
Or if i do this:
1520 (turnover) + 45 (received) = 1565
1565 - 304 (cash) = 1261
I get the correct answer, but if i'm subtracting the cash received then i should be left with receivables received plus receivables outstanding?!0
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