- This topic has 3 replies, 2 voices, and was last updated 10 years ago by
.
- Posts
The electricity account for Jingles Co for the year ended 30 June 2001 was as follows.
Opening balance for electricity accrued at 1 July 2000- $300
payments made during the year :1 August 2000 for three months to 31 July 200 – $600
1 November 2000 for three months to 31 October 2000- $720
1 Feb 2001 for three months to 31 Jan 2001- $900
30 June 2001 for three months to 30 April 2001-$840
Jingles Co expects the next bill due in sept to be for the same amount as the bill received in June.
What is the amount in the SOFP and SOPOL?The total paid during the year is 2220. Subtract the opening accrual of 300 and add the closing accrual. That will give you the figure for the SOPOL.
Since they have paid up to the end of April, the closing accrual is for 2 months (May and June) and is 2/3 x 840 = 560. This will appear in the SOFP.
- You must be logged in to reply to this topic.