Advanced Dipolma Synoptic assessment Level 3
Aliyah97
Registered Posts: 22
Exam question help.
Please can someone help with the below question and how i get the prepayment amount?
Please can someone help with the below question and how i get the prepayment amount?
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Comments
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Advanced Dipolma Synoptic assessment Level 3
Exam question help.
Please can someone help with the below question and how i work this out
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Exam question help.
Please can someone help with the below question as i cant get my head around this and the workings
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Exam question help.
Please can someone help with the below question
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Prepaid Expense
36 months = 3 years
£1800 / 3 years = £600 a year
£600 x 2 years = £1,200 adjustment
Here is a video that might help. You can also email Sajid anytime, he is a great help!
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Thats great thank you.
Would you be able to help with a couple others?0 -
Year 1 - 64,000 + 50,090 = 114,090 * 0.893 = 101,882 (rounded)
Year 2 - 63,400 + 48,350 = 111,750 * 0.797 = 89,065 (rounded)
Year 3 - 65,800 + 36,560 + 30,000(scrap value) = 132,360 * 0.712 = 94,240 (rounded)
Net Present Value is then = -165,000 + 101,882 + 89,065 + 94,240 = 120,1870 -
Accrued Expense = Liability
Double entry is - DR Rent Account
CR Accrued Expense Account
Relating to quater ending Jan X8
£42,000 / 3 = £14,000 each month
Nov X7 - £14,000
Dec X7 - £14,000
Jan X8 - £14,000
We want to know how much it is for this/current year, which is anything before 31st Dec X7.
So Nov + Dec we need to account for as these are the only two before the year end.
Nov X7 - £14,000
Dec X7 - £14,000
= £28,000
Narravtive can be anything, for example:
Accounting for the adjustment, accrued rent expense, for the year end 31 Dec X7.
Profit/Loss for the year - It was a loss previously calculated so the calculations are:
-185,588 - 28,000 = -213,588
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Depreciation Exps (Charge) = £920,000 - £300,000 = £620,000 * 20% = £124,000
Accumulated Depreciation = £124,000 (Depreciation exps) + £300,000 (Accumulated Dep figure given in table) = £424,000
Carrying Value = £920,000 - £424,000 = £496,000
Deprecation Exps is always carrys a debit balance.
Actual Contribution = Sales - Direct Labour - Direct Materials
£3,200,000 - £180,000 - £2,340,000 = £680,000
Actual Fixed Costs = Overheads + Deprication
£288,000 + £124,000 = £412,000
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