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accruals

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › accruals

  • This topic has 1 reply, 2 voices, and was last updated 10 years ago by AvatarJohn Moffat.
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    Posts
  • March 28, 2016 at 12:44 pm #308464
    Avatarsaif02bd
    Participant
    • Topics: 52
    • Replies: 62
    • ☆☆

    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
    AvatarJohn Moffat
    Keymaster
    • Topics: 57
    • Replies: 54836
    • ☆☆☆☆☆

    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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