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ASSETS AND LIABILITIES

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › ASSETS AND LIABILITIES

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by John Moffat.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • June 17, 2021 at 8:18 pm #625610
    KUMAR2810
    • Topics: 16
    • Replies: 2
    • ☆

    At 31 December 20X5 the following require inclusion in a company’s financial
    statements

    (1) On 1 January 20X5 the company made a loan of $12,000 to an employee,
    repayable on 1 January 20X6, charging interest at 2% per year. On the due date
    she repaid the loan and paid the whole of the interest due on the loan to that date.
    (2) The company paid an annual insurance premium of $9,000 in 20X5, covering
    the year ending 31 August 20X6.
    (3) In January 20X6 the company received rent from a tenant of $4,000 covering
    the six months to 31 December 20X5.
    For these items, what total figures should be included in the company’s

    CALCULATE CURRENT ASSETS AND CURRENT LIABILITIES

    CURRENT ASSETS –

    CURRENT LIABILITIES –

    COULD SOMEONE PLEASE SOLVE THIS SUM SINCE I AM GETTING A DIFFRENT ANS THEN IN TEXTBOOK AND I COULD CROSS CHECK THROUGH YOUR SOLUTION PLEASE?

    June 18, 2021 at 7:27 am #625632
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 49611
    • ☆☆☆☆☆

    Please do not type in capital letters.

    The assets are:
    Loan to employee. 12,000.
    Interest on loan: 240
    Insurance prepayment: 6,000
    Rent receivable: 4,000

    Total: $22,240

    There are no liabilities.

  • Author
    Posts
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