Kingsley Lord recently subdivided a large house owned by him into two separate flats: One flat...
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Kingsley Lord recently subdivided a large house owned by him into two separate flats: One flat is leased by Steven Tennant, and • The other by Gina Hire. Under these lease agreements, rental is payable to Kingsley Lord monthly in advance. ● On 26 February 2021 Kingsley Lord received Gina Hire's rental payment for March. It was deposited it in his bank account on 27 February 2021. Steven Tennant paid his rental for March to him in cash on 28 February 2021. He deposited this cash into in his bank account the following day. ● ● You are required to state the dates of Kingsley Lord's gross income inclusions for his two rental receipts. (4) Kingsley Lord recently subdivided a large house owned by him into two separate flats: One flat is leased by Steven Tennant, and • The other by Gina Hire. Under these lease agreements, rental is payable to Kingsley Lord monthly in advance. ● On 26 February 2021 Kingsley Lord received Gina Hire's rental payment for March. It was deposited it in his bank account on 27 February 2021. Steven Tennant paid his rental for March to him in cash on 28 February 2021. He deposited this cash into in his bank account the following day. ● ● You are required to state the dates of Kingsley Lord's gross income inclusions for his two rental receipts. (4)
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Under the accrual basis of accounting income is recognized when it is earned regardless of when the ... View the full answer
Related Book For
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young
Posted Date:
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