Please use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to
each multiple choice question.
Each question is worth 2 marks.

At 30 June 20X5 a company’s allowance for receivables was $39,000. At 30 June 20X6 trade receivables totalled
$517,000. It was decided to write off debts totalling $37,000 and to adjust the allowance for receivables to the
equivalent of 5% of the trade receivables based on past events.
What figure should appear in the statement of profit or loss for the year ended 30 June 20X6 for receivables
expense?
A $61,000
B $52,000
C $22,000
D $37,000

Answer:

 C 
                                                        $                      $
Debts written off                                              37,000
Movement in allowance:
(517 – 37) x 5%                           24,000
Less opening allowance             39,000
                                                                       (15,000)
                                                                       –––––––

Receivables expense                                       22,000
                                                                       –––––––

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