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ABCD QUESTIONS Accruals and prepayments 36 mins 10.1 Mega Co receives rent for subletting part of its office block. Rent, receivable quarterly in advance, is received as follows: Date of receipt Period covered 1 October 20X1 30 December 20X1 4 April 20X2 1 July 20X2 1 October 20X2 3 months to 31 December 20X1 3 months to 31 March 20X2 3 months to 30 June 20X2 3 months to 30 September 20X2 3 months to 31 December 20X2 7,500 7,500 9,000 9,000 9,000 What figures, based on these receipts, should appear in Mega Co's financial statements for the year ended 30 November 20X2? Statement of profit or loss Statement of financial position $34,000 DEBIT B $34,500 CREDIT $34,000 CREDIT $34,000 CREDIT Rent in arrears (DEBIT) $3,000 Rent received in advance (CREDIT) $6,000 Rent received in advance (CREDIT) $3,000 Rent in arrears (DEBIT) $3,000

ABCD QUESTIONS Accruals and prepayments 36 mins 10.1 Mega Co receives rent for subletting part of its office block. Rent, receivable quarterly in advance, is received as follows: Date of receipt Period covered 1 October 20X1 30 December 20X1 4 April 20X2 1 July 20X2 1 October 20X2 3 months to 31 December 20X1 3 months to 31 March 20X2 3 months to 30 June 20X2 3 months to 30 September 20X2 3 months to 31 December 20X2 7,500 7,500 9,000 9,000 9,000 What figures, based on these receipts, should appear in Mega Co's financial statements for the year ended 30 November 20X2? Statement of profit or loss Statement of financial position $34,000 DEBIT B $34,500 CREDIT $34,000 CREDIT $34,000 CREDIT Rent in arrears (DEBIT) $3,000 Rent received in advance (CREDIT) $6,000 Rent received in advance (CREDIT) $3,000 Rent in arrears (DEBIT) $3,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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QUESTIONS Accruals and prepayments 36 mins 10.1 Mega Co receives rent for subletting part of its office block. Rent, receivable quarterly in advance, is received as follows: Date of receipt Period covered (2 expects to use the 1 October 20X1 30 December 20X1 4 April 20X2 1 July 20X2 1 October 20X2 3 months to 31 December 20X1 3 months to 3 months to 3 months to 3 months to 31 March 20X2 30 June 20X2 30 September 20X2 31 December 20X2 7,500 7,500 9,000 9,000 9,000 What figures, based on these receipts, should appear in Mega Co's financial statements for the year ended 30 November 20X2? Co's statement d Statement of financial position Statement of profit or loss $34,000 DEBIT $34,500 CREDIT $34,000 CREDIT $34,000 CREDIT Rent in arrears (DEBIT) $3,000 Rent received in advance (CREDIT) $6,000 Rent received in advance (CREDIT) $3,000 Rent in arrears (DEBIT) $3,000 (2 m nd capitalise will have a us C D. quota in the 10.2 Active Co pays rent quarterly in arrears on 1 January, 1 April, 1 July and 1 Octe was increased from $90,000 per year to $120,000 per year as fr tobe
Transcribed Image Text:QUESTIONS Accruals and prepayments 36 mins 10.1 Mega Co receives rent for subletting part of its office block. Rent, receivable quarterly in advance, is received as follows: Date of receipt Period covered (2 expects to use the 1 October 20X1 30 December 20X1 4 April 20X2 1 July 20X2 1 October 20X2 3 months to 31 December 20X1 3 months to 3 months to 3 months to 3 months to 31 March 20X2 30 June 20X2 30 September 20X2 31 December 20X2 7,500 7,500 9,000 9,000 9,000 What figures, based on these receipts, should appear in Mega Co's financial statements for the year ended 30 November 20X2? Co's statement d Statement of financial position Statement of profit or loss $34,000 DEBIT $34,500 CREDIT $34,000 CREDIT $34,000 CREDIT Rent in arrears (DEBIT) $3,000 Rent received in advance (CREDIT) $6,000 Rent received in advance (CREDIT) $3,000 Rent in arrears (DEBIT) $3,000 (2 m nd capitalise will have a us C D. quota in the 10.2 Active Co pays rent quarterly in arrears on 1 January, 1 April, 1 July and 1 Octe was increased from $90,000 per year to $120,000 per year as fr tobe
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