Kofi owns a business in Nairobi. At 30 April 2024, the following information is available:

Trade receivables: $15,800
Provision for doubtful debts: $790

How should trade receivables be presented in the balance sheet?

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Question

Kofi owns a business in Nairobi. At 30 April 2024, the following information is available:

Trade receivables: $15,800
Provision for doubtful debts: $790

How should trade receivables be presented in the balance sheet?

Accepted Answer

$15,010 as a current asset — Award 1 mark for recognising that trade receivables should be shown net of the provision for doubtful debts: $15,800 – $790 = $15,010. B is incorrect — the provision is deducted from receivables, not shown as a liability. C is incorrect — adds the provision instead of deducting. D is incorrect — trade receivables are current assets, not non-current.

Answer

$15,800 as a current asset with provision shown separately as a current liability

Answer

$16,590 as a current asset

Answer

$15,800 as a non-current asset

Answer

$15,010 as a current asset

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