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calculate opening and closing trade receivables …

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calculate opening and closing trade receivables from the following Trade receivables ratio 4 times , cost of revenue from operations 320000, gross profit ratio 20% , closing trade receivables 15000 more than opening trade receivables, cash revenue from operations being 100/3 % of credit revenue from operations

Posted by Tanya Jain 2 years, 4 months ago

CBSE > Class 12 > Accountancy

1 answers

Preeti Dabral 2 years, 4 months ago

Revenue from operations = 3,20,000 x $\frac { 100 } { 80 }$ = 4,00,000
Let Credit Revenue from operations be = 3x
Cash Revenue = x
Therefore, total revenue = x + 3x = 4x
4,00,000 = 4x
x = 1,00,000

So,Credit Revenue from operations = 3x = 3,00,000
Let Opening Trade Receivables be = y
Closing Trade Receivables = y + 15,000
Trade receivable turnover ratio = $\frac { \text { Net Credit Revenue from operation } } { \text { Average Trade Receivables } }$
$4 = \frac { 3,00,000 \times 2 } { y + y + 15,000 }$
8y = 6,00,000 - 60,000
$y = \frac { 5,40,000 } { 8 } = 67,500$
Opening trade receivable = y = 67500
Closing trade receivable = y + 15,000 = 67500 + 15000 = 85200

ANSWER

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