Tutorial Question X: The balances on Festus's insurance account as at 31" of March, 2012 were a prepayment of N2500 and an accrual of N1000. During the year ended 31st of March, 2013 the following insurance premiums were paid: Policy N Period covered A 4600 o lavast 2700 1st January, 2012 -1st December, 2012 1st April, 2012-31st March, 2013 1st June, 2012-31st May, 2013. 2400 2200 1500 1st October, 2012 - 30th September, 2013 1st December, 2012- 30th November, 2013 1st January, 2013 - 31st December, 2013 1st January, 2013 - 31st December, 2013. 5000 G 1800 You are required to: a. Write up Festus's insurance account for the year ended 31st of March, 201 assuming that there are no insurances unpaid as at the year-end; and Do a calculation to show the statement of comprehensive income charge make up. b. BCDEF
Tutorial Question X: The balances on Festus's insurance account as at 31" of March, 2012 were a prepayment of N2500 and an accrual of N1000. During the year ended 31st of March, 2013 the following insurance premiums were paid: Policy N Period covered A 4600 o lavast 2700 1st January, 2012 -1st December, 2012 1st April, 2012-31st March, 2013 1st June, 2012-31st May, 2013. 2400 2200 1500 1st October, 2012 - 30th September, 2013 1st December, 2012- 30th November, 2013 1st January, 2013 - 31st December, 2013 1st January, 2013 - 31st December, 2013. 5000 G 1800 You are required to: a. Write up Festus's insurance account for the year ended 31st of March, 201 assuming that there are no insurances unpaid as at the year-end; and Do a calculation to show the statement of comprehensive income charge make up. b. BCDEF
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 94PSA
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Question
![Tutorial Question X:
The balances on Festus's insurance account as at 31st of March, 2012 were a
prepayment of N2500 and an accrual of N1000. During the year ended 31st of
March, 2013 the following insurance premiums were paid:
Policy
N
Period covered
4600
2700
o lavastab
1st January, 2012 -1st December, 2012
1st April, 2012-31st March, 2013
1st June, 2012-31st May, 2013
2400
2200
1500
1st October, 2012 - 30th September, 2013
1st December, 2012- 30th November, 2013
5000 vakamoc1st January, 2013 - 31st December, 2013
1800
1st January, 2013 - 31st December, 2013
You are required to:
a. Write up Festus's insurance account for the year ended 31st of March, 2013
assuming that there are no insurances unpaid as at the year-end; and
b. Do a calculation to show the statement of comprehensive income charge
make up.
Apa Lally
000,000
ABCDEFG](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc17134b3-fb5e-47b9-93b0-a88beaed0eda%2F122de0ec-8ea1-447e-abf8-bf6c002829b7%2F2yehxqr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Tutorial Question X:
The balances on Festus's insurance account as at 31st of March, 2012 were a
prepayment of N2500 and an accrual of N1000. During the year ended 31st of
March, 2013 the following insurance premiums were paid:
Policy
N
Period covered
4600
2700
o lavastab
1st January, 2012 -1st December, 2012
1st April, 2012-31st March, 2013
1st June, 2012-31st May, 2013
2400
2200
1500
1st October, 2012 - 30th September, 2013
1st December, 2012- 30th November, 2013
5000 vakamoc1st January, 2013 - 31st December, 2013
1800
1st January, 2013 - 31st December, 2013
You are required to:
a. Write up Festus's insurance account for the year ended 31st of March, 2013
assuming that there are no insurances unpaid as at the year-end; and
b. Do a calculation to show the statement of comprehensive income charge
make up.
Apa Lally
000,000
ABCDEFG
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