Pearl has trade receivables at the year end amounting to USD150,000. An irrecoverable debt of USD3,500 is to be written off. Pearl has an opening loss allowance of USD1,000 and wishes to maintain a loss allowance of 5% of year-end accounts receivable.What is the balance carried down on the receivables loss allowance account after dealing with the above items?

1 .27.2 During the course of their interim audit of a company, the auditors established that purchases may be understated because goods received at the end of one month are often not invoiced by suppliers until the following month.Which of the following audit procedures should be used by the auditor at year end to gather evidence regarding the understatement of payables due to this problem?

A A payables confirmation at the end of the financial year with following up of unsatisfactory replies B A detailed year-end inventory count in those areas where cut-off inadequacies are suspected C Comparing goods received notes for the last few days of the financial year with the purchase ledger r...

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2 .27.3 Which of the following documents would NOT assist the auditor in his audit of unrecorded liabilities at a year end?

A Unpaid purchase invoices B Goods receipt records C Purchase invoices received after the year end

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3 .27.5 What is the appropriate population to select from when using confirmations to provide evidence about the completeness assertion for accounts payable?

A Amounts recorded in the payables ledger B Invoices filed in the entity’s open invoice file C Payees of cheques drawn in the month after the reporting date D Suppliers with whom the entity has previously done business

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4 .On 1 January 2015 Tipton’s accounts receivable were USD10,000. The following relates to the year ended 31 December 2015: USD Sales 100,000 Cash receipts 90,000 Discounts allowed 1,800 Discounts received 1,700 Cash receipts include USD2,000 in respect of a debt previously written off.What is the carrying amount of trade receivables at 31 December 2015?

A USD18,200 B USD20,200 C USD20,300 D USD20,900

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5 .A company has trade receivables totalling USD16,000 after writing off irrecoverable debts of USD500, and a loss allowance brought forward of USD2,000. The company wishes to carry forward a loss allowance equal to 5% of trade receivables.What will be the effect on profit of adjusting the allowance?

A USD700 decrease B USD700 increase C USD1,200 decrease D USD1,200 increase

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7 .The trial balance of Offenbach showed year-end trade receivables of USD122,000 at 31 March 2016, an opening general loss allowance of USD2,980 and an opening specific loss allowance of USD2,000.After the extraction of the trial balance, it was decided to carry forward at 31 March 2016 a specific loss allowance of 100% on an irrecoverable debt of USD1,600 and a general loss allowance of 1% of remaining accounts receivable. It was also decided to write off the debts amounting to USD2,000 which had been fully allowed for at 1 April 2015.What is the total charge/(credit) to profit or loss in respect of irrecoverable debts for the year ended 31 March 2016?

A (USD176) B (USD196) C USD1,184 D USD1,600

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8 .On 1 January 2015 a small company had a receivables loss allowance of USD1,000. During 2015 debts of USD600 were written off and USD80 was paid by the liquidator of a company whose debts had been written off completely in 2014. At the end of 2015 it was decided to adjust the receivables loss allowance to USD900.What is the total expense for irrecoverable debts that should be included in profit or loss for 2015?

A USD420 B USD580 C USD620 D USD780

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9 .During the year ended 31 December 2015 Chocolate decreased its receivables loss allowance by USD600. An irrecoverable debt written off in the previous year amounting to USD300 was recovered in 2015.If the profit of the year after accounting for the above items was USD5,000, what would have been the profit before accounting for the above items?

A USD4,100 B USD4,700 C USD5,300 D USD5,900

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10 .A company has an opening trade receivable loss allowance of USD8,620 and opening trade receivables of USD463,271. You are given the following details as regards the year ended 31 August 2015: Sales USD5,943,271 Receipts from credit customers USD5,217,000 (including USD4,262 in respect of a debt previously written off as irrecoverable) Irrecoverable debts written off USD8,563 Discounts allowed USD3,271 A closing receivables loss allowance of 3% of year-end trade receivables is required.What is the total charge to profit or loss for the year to 31 August 2015 in respect of irrecoverable debts?

A USD26,839 B USD31,140 C USD39,664 D USD39,760

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