The following information is provided to you by Wacu Wanderi ; 31st December 201931st December 2020Shs.ShsWages in arrears60,00067,000Insurance paid in advance21,00025,500Rates in arrears7,500NILRates in advanceNIL9,000Payments made during 2020 were;Wages Kshs.715,000 Insurance Kshs.43,500Rates Kshs.46,000Calculate the amounts he should transfer to the income statement for wages, insurance and rates for the year 2020.

generally, if there are any opening outstanding expenses paid during the current year then those…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following information is provided to you by Wacu Wanderi ;

	31st December 2019	31st December 2020
Shs.	Shs
Wages in arrears	60,000	67,000
Insurance paid in advance	21,000	25,500
Rates in arrears	7,500	NIL
Rates in advance	NIL	9,000

Payments made during 2020 were;

Wages Kshs.715,000 Insurance Kshs.43,500

Rates Kshs.46,000

Calculate the amounts he should transfer to the income statement for wages, insurance and rates for the year 2020.

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