Joanne starts in business as a sole trader on 1 January 2 0 2 2 . She
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Joanne starts in business as a sole trader on January She works as a landscape artist and publishes a gardening magazine. Her financial year ends on December. Her first set of accounts will cover the year to December Joanne immediately enters into a month rental lease for premises to be used as an office and workshop and has to pay the whole amount of on January
On June at a gardening fair, Joanne makes cash sales of magazine subscriptions worth a total of The subscription holders will enjoy a years subscription to the magazine starting from July
Calculate the amounts for rent and magazine subscriptions to be included in the income statement for the year ended December
Calculate the amounts for rent and magazine subscriptions to be included in the balance sheet as at December and indicate as to which sectionheading of the balance sheet the amounts you have calculated will be shown.
Related Book For
Income Tax Fundamentals 2015
ISBN: 9781305177772
33rd Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill
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