PRC-1 · Chapter 5 · Question 32 of 100
A business has opening receivables of Rs. 185,000, credit sales of Rs. 645,000, bad debts written off of Rs. 8,000, sales returns of Rs. 17,800, and cash received of Rs. 620,800. What is the closing gross Receivables balance?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: A) Rs. 183,400
Explanation
Closing Receivables = Opening (185,000) + Sales (645,000) - Bad debts (8,000) - Returns (17,800) - Cash (620,800) = Rs. 183,400.
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