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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 1 reply, 2 voices, and was last updated 5 years ago by John Moffat.
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  • July 3, 2020 at 8:04 am #575793
    Sourav9271
    Participant
    • Topics: 170
    • Replies: 120
    • ☆☆☆

    Sorry to bother you with exam kit questions but Sir, I tried so hard but I’m not getting this question.Sorr

    L owns two properties which it rents to tenants.Inthe year ended 31 December 20X6,it received $280,000 in respect of property 1 and $160,000 in respect of property 2. Balances on the accured income and prepaid expenses accounts are

    31st December 20X6. 31 December 20X5
    Property 1. 13400 Dr. 12,300 Cr
    Property 2. 6700 Cr. 5400. Dr

    What amount should be credited to SOPL for year ended 31 St December 20X6 in respect of rental income?
    (Answer: 453600)

    July 3, 2020 at 10:29 am #575809
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54699
    • ☆☆☆☆☆

    The easiest is to write up t-accounts for each of the two properties.
    For property 1, you know the opening and closing balances and you will credit the account with the 280,000 received. The missing figure is 305,700 and this is the income for the year.
    For property 2, again you know the opening and closing balances and you will credit. the account with the 160,000 cash received. The missing figure on this account is then 147,900and this is the income for the year.

    So the total income is 305,700 + 147,900 = 453,600.

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