Skip to content

Ask the Tutor ACCA FA

exam kit 10.4

TGTushar Gujral5y ago
hi sir I have doubt why its sundry payables as we have its prepayment income
John MoffatJohn MoffatTutor5y ago#1
Prepaid income is rent that we have received in advance and relates to next year. Therefore at the end of this year it is effectively owed back to the person renting from us and is therefore a liability.
Sign in to reply to this topic.