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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 11 years ago by John Moffat.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • March 3, 2014 at 6:32 pm #161383
    Anonymous
    Inactive
    • Topics: 17
    • Replies: 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 2002

    what 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 Moffat
    Keymaster
    • Topics: 57
    • Replies: 54714
    • ☆☆☆☆☆

    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
    Anonymous
    Inactive
    • Topics: 17
    • Replies: 53
    • ☆☆

    of course what was i thinking..

    thanks again!

    March 5, 2014 at 1:10 pm #161509
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54714
    • ☆☆☆☆☆

    You are welcome 🙂

  • Author
    Posts
Viewing 4 posts - 1 through 4 (of 4 total)
  • The topic ‘accruals and prepayments’ is closed to new replies.

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