A business has an accounting year that ends on 30 September. Its insurance premiums are paid in

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A business has an accounting year that ends on 30 September. Its insurance premiums are paid in advance on 1 July each year. Premiums have been paid in the past three years as follows.

Year I $1800

Year 2 $2000

Year 3 $2400

How much will be debited in the Profit and Loss Account for insurance in Year 3?

A. $2000

B. $2100

C. $2300

D. $2400

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Accounting A Level And AS Level

ISBN: 9780521539937

1st Edition

Authors: Harold Randall

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Question Posted: Aug 27, 2023 09:15 AM

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A business has an accounting year that ends on 30 September. Its insurance premiums are paid in

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The correct answer is B 2100 Heres the calculation The businesss accounting year ends o...View the full answer

Accounting A Level And AS Level

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