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Sir,in the first lecture,why do you first make a balance on insurance before doing the prepayments bit? Isn’t making a balance indicating it is the end of the financial/acc year?
Is it mandatory to take a balance first or is it our choice-whether to take a balance first or credit the Prepayments & SOPL first
It is our choice – we only have to take a balance at the end of the period.
In real life we do, but not in exams. (And in Paper F3 you will not be asked to write up complete t-accounts anyway, although you can be tested on individual entries)
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