Financial Statements Practice Assessment 1 - Task 1.2
dnewton1989
Registered Posts: 5
Hello everyone,
Could someone please advise on task 1.2 on practice assessment 1 of the 2013 Financial Statements.
I am struggling with the Trade and Other Receivables calculation, this is what I get.
Trade Receivables - £12,447
Allowance for doubtful debts (£236)
Adjustment for doubtful debts - £47
This gives me an answer of £12,258
When I am checking back to the answers they are saying it's £12,294.
Could anyone please explain to me where I am going wrong!
Thank you
Danny
Could someone please advise on task 1.2 on practice assessment 1 of the 2013 Financial Statements.
I am struggling with the Trade and Other Receivables calculation, this is what I get.
Trade Receivables - £12,447
Allowance for doubtful debts (£236)
Adjustment for doubtful debts - £47
This gives me an answer of £12,258
When I am checking back to the answers they are saying it's £12,294.
Could anyone please explain to me where I am going wrong!
Thank you
Danny
0
Comments
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You have forgotten about the prepayment for insurance expenditure of £130 which is £156/12 x 10 = 130
So it is then:
Trade receivables - 12,447
allowance for doubtful debts (283)
Prepayment 130
= £12,2940 -
0
