Details of a companys insurance policy are shown below: Premium for year ended 31 March 20X6

Details of a company’s insurance policy are shown below:\\n• Premium for year ended 31 March 20X6 paid April 20X5: £10,800\\n• Premium for year ending 31 March 20X7 paid April 20X6: £12,000\\nWhat figures relating to insurance should be included in the company’s financial statements for the year ended 30 June 20X6?\\nA) Statement of profit or loss: £11,100; Statement of financial position: £9,000 prepayment (Debit)\\nB) Statement of profit or loss: £11,700; Statement of financial position: £9,000 prepayment (Debit)\\nC) Statement of profit or loss: £11,100; Statement of financial position: £9,000 accrual (Credit)\\nD) Statement of profit or loss: £11,700; Statement of financial position: £9,000 accrual (Credit)

Answer rating: 100% (QA)

To determine the figures relating to insurance that should be included in the companys financial sta... View the full answer