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Hi There,
I can’t seem to wrap my head around the closing balances for this question, the answer I got was $440,200 but it’s actually $453600– please kindly assist?
Question:
Ledley owns two properties which it rents to tenants. In the year ended 31 December 20X6, it received $280,000 in respect of Property 1 and $160,000 in respect to Property 2. Balances on the prepaid and accrued income accounts were as follows:
Property 1
31st December 20X5 – $12300 Cr
31st December 20X6 – $13400 DrProperty 2
31st December 20X5 – $5400 Dr
31st December 20X6 – $6700 CrWhat amount should be credited to the statement of profit or loss for the year ended 31 December 20X6 in respect of rental income?
You can find an answer to this here:
https://opentuition.com/topic/accruals-and-prepayments-question-2/
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Thank you very much John ?
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