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

 

 

 

 

 

 



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