Monday, 14 March 2022

A basic test on prepaid income

 

A basic test on prepaid income:

 

You are working on the accounting records of a business for the year ended 31 March 20X7. You are looking at the rent income for the year and this includes receipts for the following periods:

 

Apr 20X6 – Mar 20X7

£5,040

Apr 20X6 – Jun 20X7

£5,625

 

Identify the prepaid income that need to be posted into the accounts?

 

Account name

Amount (£)

Dr/ Cr

 

 

 

 

 

 



A basic test on accrued income


A basic test on accrued income:

 

You are working on the accounting records of a business for the year ended 31 March 20X7. You are looking at the rent income for the year and this includes receipts for the following periods:

 

Apr 20X6 – Jan 20X7

£5,900

Apr 20X6 – May 20X7

£6,720

 

Identify the accrued income that needs to be posted into the accounts?

 

Account name

Amount (£)

Dr/ Cr

 

 

 

 

 

 



Wednesday, 9 March 2022

A basic test on prepayments

 

A basic test on prepayments:

 

You are working on the accounting records of a business for the year ended 31 March 20X7. You are looking at the rent expense for the year and this includes payments for the following periods:

 

Apr 20X6 – May 20X7- Office 1

£5,040

Apr 20X6 – Jan 20X7- Office 2

£5,500

Jul 20X6 – Jun 20X7- New Office

£7,380

 

Identify the prepayments that need to be posted into the accounts?

 

Account name

Amount (£)

Dr/ Cr