1. Caroline Co has a receivables balance at 31 October 20X7 of $456,330. The accountant at North is preparing the financial statements for the year ended 31 October 20X7 and must account for the following:

1. A balance owed by South Co of $700 is deemed irrecoverable and must be written off.
2. The brought forward receivables allowance is $12,255. The allowance for receivables should be adjusted to the equivalent of 4% of the outstanding receivables balances.
3. A payment of $450 from East Co has been received on 30 October. The payment relates to a balance that had previously been written off as irrecoverable by Caroline Co.

What value for receivables should appear in the statement of financial position of Caroline Co at

31 October 20X7?