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F3 doubt

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › F3 doubt

  • This topic has 1 reply, 2 voices, and was last updated 5 years ago by John Moffat.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • April 21, 2020 at 10:21 am #568868
    pinkyjovin123
    Participant
    • Topics: 92
    • Replies: 134
    • ☆☆☆

    Hello sir,

    Charles indigo rents premises at an annual rate of $1000.The rates payable for the accounting year 1 July 2006-30 June 2007,his first year of business were $360.Cheques for rent and rates were paid as follows.

    20×6
    July 20×8 Rates for 9 months to 31 March 20×7
    220

    Sept 2008
    Rent for three months to 30 September 20×6
    250

    20×7
    Jan 3 Rent for three months to 31 December 20×6
    250
    March 28 Rent for three months to 31 March20x7
    250
    April 30 Rates for six months to 30 September 20×7
    280

    What rent and rates expense should be included in the cos statement that of profit or loss for the year ended 30 June 20×7 ?

    Answer is 1360

    Could you please help me to find the solution?

    Many thanks

    April 21, 2020 at 3:36 pm #568896
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    The rent is $1,000 per year (from the question).

    The question also says that the rates for the year ended 30 June 2007 are $360.

    Therefore the total expense is 1,000 + 360 = $1,360. When payments ere actually made is of no relevance.

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