What are the amounts included in prepayment s for these expenses as at 28 February 2011 and 2012?
What are the amounts included in prepayment s for these expenses as at 28 February 2011 and 2012?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Patience pays subscription to a business trade association annually in advance. The subscription is due 30 September every year, to cover I year running from the 1 October. Patience’s accounting years runs from 28 February.
The subscription paid in September 2010 and 2011 are as follows:
2010 £644
2011 £ 796
What are the amounts included in prepayment s for these expenses as at 28 February 2011 and 2012?
a. |
2011-£268, 2012 -£332 |
|
b. |
2011-£376, 2012 -£464 |
|
c. |
2011-£376, 2012 -£332 |
|
d. |
2011-£268, 2012 -£464 |
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