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Dear sir,
In the question below, should we take 9 months of $12500 expense for our period? (12500*9/12+600-800). Is this correct?A business paid insurance premiums of $12,500 during the year ended 30 June 20X3. At 30 June 20X2 there was an insurance prepayment of $600 and at 30 June 20X3 there was a prepayment of $800.
What was the insurance expense for the year ended 31 March 20X3?Where did you find this question, because as it is typed it is impossible to answer?
Are you sure the question asks for the expense for the year to 31 March, and not for the year to 30 June? If it does, then it seems to me as though there is a typing error in the question.
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