- 1 Marks
Question
Given opening account receivables of N2,300,000, revenue of N9,600,000, and receipts from customers of N9,000,000, the closing account receivables balance should be:
A. N1,700,000
B. N2,900,000
C. N3,700,000
D. N12,700,000
E. N16,300,000
Answer
B. N2,900,000
Explanation:
The formula for closing account receivables is:
Opening receivables + Revenue – Receipts from customers = Closing receivables
N2,300,000 + N9,600,000 – N9,000,000 = N2,900,000
- Tags: Closing Balance, Financial Reporting, Receivables
- Level: Level 1
- Topic: Financial Statements Preparation
- Series: MAY 2013
- Uploader: Theophilus