Urgent, Need clarification.
I am studying level 3 without a training provider. Got this question in an assessment task, I could not figure out how the value has been arrived. I thought if I post in this section, someone could explain as to how to workout calculations. I am self studying, so can't take tutor's help. I have exams in few days, I am in need of immediate help.
Below is a final accounts preparation exam question. This carries 2 marks.
Opening inventory 81201
Closing inventory 45378
Cost of sales 249522
Gross profit 106938
The trader has decided to introduce credit terms and allow customers to settle their account up to 30 days after purchase. What is the most likely figure outstanding on the trade receivables account at the year end?
The answer in the book is 128210.
For future reference, Is there any section in AAT, where we could post out doubts and get clarifications from tutors.
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