Lynne and Tom Ltd's statement of financial position is shown below. The above balances include a receivable from Melinda Ltd for an amount of $100,000 and a payable to Melinda Ltd for $50,000.
Assuming a right to set-off exists with Melinda Ltd the balances on the statement of financial position of Lynne and Tom Ltd after set-off will be:
E) None of the given answers.

Question

Lynne and Tom Ltd's statement of financial position is shown below.  The above balances include a receivable from Melinda Ltd for an amount of $100,000 and a payable to Melinda Ltd for $50,000.
Assuming a right to set-off exists with Melinda Ltd the balances on the statement of financial position of Lynne and Tom Ltd after set-off will be:
E) None of the given answers.

Quizplus · Accepted Answer

The Answer of Lynne and Tom Ltd's statement of financial position is shown below.  The above balances include a receivable from Melinda Ltd for an amount of $100,000 and a payable to Melinda Ltd for $50,000.
Assuming a right to set-off exists with Melinda Ltd the balances on the statement of financial position of Lynne and Tom Ltd after set-off will be:
E) None of the given answers.

Lynne and Tom Ltd's Statement of Financial Position Is Shown