Zenith Company had net credit sales of Tk 7,20,000 and cost of goods sold of Tk 5,00,000 during the year 2023. The balance in accounts receivable at the beginning of the year was Tk 80,000, and at the end of the year it was Tk 1,20,000. What was the average collection period in days considering 360 days in a year?
Created: 2 months ago |
Updated: 3 days ago
best des
average collection period (days) = (average a/c receivable / net credit sales) * 360 days
= {{(80,000+120,000)/2}/720,000]*360 days
=50 days
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