Question
A company made credit sales of Rs.72 lakh in the year.
If the debtors value at end of the year was Rs.12 lakh, what will be the average age of receivables, assuming there are 360 days in a year?Solution
Average age of receivables = 360/receivables turnover Receivables turnover = credit sales/average debtors = 72 lakh/12 lakh = 6 times Therefore, average age of receivables = 360/6 = 60 days
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