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  • Solution Accrual and Prepayment (Tutorial in Class 23 May 2023)

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    mardhiah
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    The document appears to be a collection of accounting records and trial balances for a business for the year ended December 31, 2016. It includes records of revenue, expenses, assets and liabilities. The revenue includes rental received and commission received. Expenses include motor expenses, insurance, stationery, business rates and general expenses. Assets include prepaid expenses and accrued revenue. Liabilities include accrued expenses. The trial balance at the end reconciles the accounts.

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    The document appears to be a collection of accounting records and trial balances for a business for the year ended December 31, 2016. It includes records of revenue, expenses, assets and liabilities. The revenue includes rental received and commission received. Expenses include motor expenses, insurance, stationery, business rates and general expenses. Assets include prepaid expenses and accrued revenue. Liabilities include accrued expenses. The trial balance at the end reconciles the accounts.

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    1 views9 pages

    Solution Accrual and Prepayment (Tutorial in Class 23 May 2023)

    Uploaded by

    mardhiah
    The document appears to be a collection of accounting records and trial balances for a business for the year ended December 31, 2016. It includes records of revenue, expenses, assets and liabilities. The revenue includes rental received and commission received. Expenses include motor expenses, insurance, stationery, business rates and general expenses. Assets include prepaid expenses and accrued revenue. Liabilities include accrued expenses. The trial balance at the end reconciles the accounts.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    of 9

    FORMAT

    Revenue
    Date RM Date RM
    Dec-31 Acrrued b/d xx Dec-31 Prepaid b/d xx
    Profit and loss xx Bank/cash xx
    Prepaid c/d xx Accrued c/d xx
    XXX XXX

    Rental Received (Revenue)


    Date RM Date RM
    Jan-01 Balance b/d (Accrued) 175 Dec-01 Bank/cash 1,400
    Dec-31 Profit and loss 1,410 Balance c/d (Accrued) 185
    1,585 1,585
    Expenses
    Date RM Date
    Dec-31 Prepaid b/d xx Dec-31 Acrrued b/d
    Bank/cash xx Profit and loss
    Accrued c/d xx Prepaid c/d
    XXX

    Motor Expenses
    Date RM Date
    Dec-31 Bank/ Cash 819 Dec-31 Profit and Loss
    Balance c/d (Accrued) 94
    913

    Insurance
    Date RM Date
    Dec-31 Bank/ Cash 840 Dec-31 Profit and Loss
    Balance c/d (prepaid)
    840

    Stationery
    Date RM Date
    Dec-31 Bank/ Cash 370 Jan-01 Balance b/d
    Balance c/d (Accrued) 245 Dec-31 Profit and Loss
    615

    Business rates
    Date RM Date
    Jan-01 Balance b/d (prepaid) 140 Dec-31 Profit and Loss
    Dec-31 Bank/ Cash 1,654 Balance c/d (prepaid)
    1,794
    RM
    xx
    xx
    xx
    XXX

    RM
    913

    913

    RM
    772
    68
    840

    RM
    110
    505
    615

    RM
    1,674
    120
    1,794
    Trial Balance for the year ended 31 December 2016
    RM RM
    Debit Credit
    Motor Expenses 913
    Accrued motor expenses (Liability) 94
    Insurance 772
    Prepaid insurance (Asset) 68
    Stationery 505
    Accrued stationery (Liability) 245
    Business rates 1674
    Prepaid business rates (Asset) 120
    Rental received 1410
    Accrued rental received 185
    Commission Received
    Date RM Date RM
    Dec-31 Acrrued b/d 50 Dec-31 Bank/cash 1,100
    Profit and loss 1,132 Accrued c/d 82
    1,182 1,182
    General Expenses
    Date RM Date RM
    Dec-31 Bank/cash 470 Dec-31 Acrrued b/d 32
    Accrued c/d 60 Profit and loss 498

    530 530

    Jan-01 Accrued b/d 60

    ** Correction in question (b), business rates owing 30 June 2017 RM 191 will be prepaid
    balance
    Rent and business rates
    Date RM Date RM
    Dec-31 Prepaid b/d 191 Dec-31 Acrrued b/d 220
    Bank/cash 5,410 Profit and loss 5,404
    Accrued c/d 393 Prepaid c/d 370
    5,994 5,994

    Jan-01 Prepaid b/d 370 Jan-01 Accrued b/d 393

    Motor Expenses
    Date RM Date RM
    Dec-31 Bank/cash 1,410 Dec-31 Acrrued b/d 92
    Accrued c/d 67 Profit and loss 1,385

    1,477 1,477

    Jan-01 Accrued b/d 67


    M 191 will be prepaid

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