Determine the amount of current assets and current liabilities that will result as at 31 December 2012

Question:

Determine the amount of current assets and current liabilities that will result as at 31 December 2012 from all of the following adjustments:

(i) Rent income account includes £3,600 received as rent for four months from 1 December 2012

(ii) The debit balance in the Insurance account includes £9,600 paid for the year ending 31 March 2013

(iii) A supplier’s invoice for stationery amounting to £800 is yet to be received

(iv) Telephone bill for £1,240, received on 2 January 2013 and yet to be accounted for, includes £600 rental for the year to 30 June 2013.

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Financial Accounting An Introduction

ISBN: 9780273737650

2nd Edition

Authors: Mr Barry Elliott, Mr Augustine Benedict

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Question Posted: Aug 30, 2023 08:25 AM

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Determine the amount of current assets and current liabilities that will result as at 31 December 2012

Question:

Current asset a £300 b £3,900 c£2,700 d £2,400 Current liability £4,740 £2,700 £3,500 £4,440

Step by Step Answer:

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Financial Accounting An Introduction

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