Marios sells goods online. At 1 January 2019 his customers owed him £12,000. During the year ended 31 December 2019, Marios received £150,000 in cash from customers but paid out £1,000 in refunds for goods returned. At 31 December 2019, Marios is owed £10,000 by his customers. What revenue figure should Marios recognise in his statement of profit or loss for the year ended 31 December 2019?

Question

Quizplus · Accepted Answer

Revenue = Opening debtors + Cash received from customers - Closing debtors - Refunds for goods returned= 12,000 + 150,000 - 10,000 - 1,000= £147,000

Marios Sells Goods Online