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hi need some help
X Trading’s year ends on 31 January 2020. Below are the transactions incurred:
(b) Insurance: Paid during the year 31 January 2020 $840; Prepaid as at 31 December
2020 $68.
how do i treat this?
my answer:
amt charged to SOPL: insurance exp 816
amt charged to SOFP: prepaid: 24is this correct?
or is the prepaid amt of 68 irrelevant to the answer
thank youThis is more likely to be a F3/FA question. Is the date of the prepaid amount correct?
Thanks
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