In the year to 31 December 2019 the following transactions took place: A new warehouse was acquired
Question:
In the year to 31 December 2019 the following transactions took place:
A new warehouse was acquired on 31 March 2019, Lisa received internet connection usage bill of RO500 for the 12 months ending on 31 March 2020. Payment was made in full, on 30 April 2019.
In the accounting year to 31 December 2020 the following transactions took place:
She expanded her business and rented another office premises in the next building. The internet connection usage bill for the 12 months to 31 March 2021 was RO 800. Lisa paid the full amount on 1 June 2020.
You are required:
A. Write up the Internet Connection Usage Account for each of the two accounting years.
B. Assuming now that payments were made annually in arrears (i.e. RO 500 on 31 March 2020 and RO 800 on 31 March 2021),write up the Internet Connection Usage Account for each of the two years. just part a) solve
International Financial Reporting A Practical Guide
ISBN: 978-1292200743
6th edition
Authors: Alan Melville