accruals and prepaymentsForums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › accruals and prepaymentsThis topic has 3 replies, 2 voices, and was last updated 11 years ago by John Moffat.Viewing 4 posts - 1 through 4 (of 4 total)AuthorPosts March 3, 2014 at 6:32 pm #161383 AnonymousInactiveTopics: 17Replies: 53☆☆at 31st Dec 2002 the following require inclusion in a company’s financial statements:1) in Jan 2003 the company received rent from a tenant $4000 covering the six months to 31st of Dec 2002what figures are to be included in the statement of financial position at 31st Dec 2002?the answer consists of two figures one for receivables and prepayments and one for payables and accruals.the payables and accruals is NIL.im not sure why as surely as the amount wasn’t received until the following year it was an accrual in 2002? March 4, 2014 at 10:13 pm #161471 John MoffatKeymasterTopics: 57Replies: 54700☆☆☆☆☆Accruals are when you owe money.Here, at 31 December the tenant owed money to us – we didn’t owe him anything! March 5, 2014 at 12:31 pm #161501 AnonymousInactiveTopics: 17Replies: 53☆☆of course what was i thinking..thanks again! March 5, 2014 at 1:10 pm #161509 John MoffatKeymasterTopics: 57Replies: 54700☆☆☆☆☆You are welcome 🙂AuthorPostsViewing 4 posts - 1 through 4 (of 4 total)The topic ‘accruals and prepayments’ is closed to new replies.