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Help please ASAP

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Help please ASAP

  • This topic has 1 reply, 2 voices, and was last updated 5 years ago by John Moffat.
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  • April 5, 2020 at 6:10 pm #566591
    Elitoe
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    On the trial balance (ends at the end of it states that a company paid 22500 in insurance.However in the sub question it states ‘ An annual insurance premium was made on 1 Oct 2019 for 12 months to 30 September 2020. The 12000 is included in the insurance figures shown in the Trial Balance’. How would i use this information in a statement of comprehensive income
    https://imgur.com/a/IdT1lMO The link shows the question

    April 6, 2020 at 8:25 am #566618
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54702
    • ☆☆☆☆☆

    9 months of the insurance payment of $12,000 (i.e. $9,000) is a prepayment and is not an expense of this accounting year. Therefore the insurance expense on the SOPL needs to be $9,000 lower than the amount on the trial balance.

    Have you watched my free lectures on accruals and prepayments? The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.

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