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accruals and prepayments

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

  • This topic has 3 replies, 2 voices, and was last updated 10 years ago by John Moffat.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • December 2, 2014 at 9:36 pm #216534
    mp-open
    Member
    • Topics: 96
    • Replies: 167
    • ☆☆☆

    Hallo,

    May I ask, why when the word “total” is used below, in any such example, the total doesn’t include the prepayments and accruals, for me total, means everything, but here the prepmts and accruals are not in the total, why is it like this?

    A company receives rent from a large number of properties. The total received in the year ended 30 April 2008 was $1,154,880.
    The following were the amounts of rent in advance and in arrears at 30 April 2007 and 2008: 30 April 2007 30 April 2008
    Rent received in advance 68,880 74,880
    Rent in arrears (all subsequently received) 50,880 44,160

    Thank you!

    December 3, 2014 at 8:15 am #216669
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54699
    • ☆☆☆☆☆

    It says ‘total received’.

    This can only mean the total cash received. (They are probably receiving the rent monthly – the total received is the total cash received for the year)

    December 3, 2014 at 2:35 pm #216837
    mp-open
    Member
    • Topics: 96
    • Replies: 167
    • ☆☆☆

    ok, thank you!

    December 3, 2014 at 3:44 pm #216894
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54699
    • ☆☆☆☆☆

    You are welcome 🙂

  • Author
    Posts
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