final accounts for service centre
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Hi there, please if anyone knows the answer for my confusion,if so kindly help me.
If we are preparing final account,we haven't recieved the payment for next three months fees, which is £1500,& we have recieved the advance fees for the next servise, of £500. How we take it to the accounts?
I am doing exam today please if anyone knows the answer help me.
If we are preparing final account,we haven't recieved the payment for next three months fees, which is £1500,& we have recieved the advance fees for the next servise, of £500. How we take it to the accounts?
I am doing exam today please if anyone knows the answer help me.
0
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Re:final accounts for service centre
I THINK! thank the £1500 is an income accrual which is a debtor type on the balance sheet i.e. current asset (money owed to you) and the income prepayment of £500 is a creditor type in the balance sheet (i.e current liability (something you owe.
Thats how I understand it anyway - hope its right!
Alison0