A basic test on prepaid income: You are working on the accounting records of a business for the year ended 31 March 20X7. You are looking at the rent income for the year and this includes receipts for the following periods: Apr 20X6 – Mar 20X7 £5,040 Apr 20X6 – Jun 20X7 £5,625  Identify … Read More

  A basic test on accrued income: You are working on the accounting records of a business for the year ended 31 March 20X7. You are looking at the rent income for the year and this includes receipts for the following periods:  Apr 20X6 – Jan 20X7 £5,900 Apr 20X6 – May 20X7 £6,720  Identify … Read More

A basic test on prepayments: You are working on the accounting records of a business for the year ended 31 March 20X7. You are looking at the rent expense for the year and this includes payments for the following periods:  Apr 20X6 – May 20X7- Office 1 £5,040 Apr 20X6 – Jan 20X7- Office 2 … Read More