Income Statement adjustment question...?
gabriellenlewis
Registered Posts: 129
Accounting period end- 30 June 2011:
insurance expenditure of £156, in respect of period 1 May 2011 to 30 April 2012, was paid on 17 April 2011.
How is the prepayment 130?
Thanks.
insurance expenditure of £156, in respect of period 1 May 2011 to 30 April 2012, was paid on 17 April 2011.
How is the prepayment 130?
Thanks.
0
Comments
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Insurance expensed to year end June 2011 - 156/ 12 month x 2 months = £26 in P&L and remainder prepaid 10 months £130 as relates to following year.
Hope that helps
0
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