accruals

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March 28, 2016 at 12:44 pm #308464
saif02bd
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an invoice of $15000 for energy costs relating to the quarter ended 30 nov 20X7 was received on 2 dec 20X7.
the amount to be posted within the year end adjustment for this?
my ans :
dr. expenses $15000
cr. accruals $15000
but the answer says that amount is $10000
March 28, 2016 at 1:42 pm #308470
John Moffat
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It depends when the year end is for the business, which you have not typed!

(Have you watched the free lectures on accruals and prepayments? Our free lectures are a complete course for Paper F3 and cover everything needed to be able to pass the exam well.)
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