i) Ms Tee rents her premises at an annual rental of GHC2,400. On June 1, 2016, Ms Tee had paid her rent up to the end of July, and during the year ended 31 May, 2017 she made the following payments for rent by cheque: August 25 December 1 GHC600 GHC600 March 31 GHC600 June 1 GHC600 ii) Ms Tee sublets part of these premises to Nana Akua at a rent of GHC960 per annum, and on June 1 2016 Nana Akua's rent was one month in arrears. During the year ended 31 May, 2017 Ms Tee received the following amounts in cash from Nana Akua; July 31 September 5 January 1 May 20 GHC80 GHC240 GHC300 GHC120 iii) On June 1, 2016 Ms Tee owed the Electricity Company Ghana GHC148 for electricity supplies up to that date. During the year, she made the following payments for rent by cheque: June 1 GHC148 October 1 GHC164 December 31 GHC208 April 30 GHC162 On 31 May, 2017 there was a balance outstanding on the Electricity Account of GHC192 You are required to write up Ms Tee's a) Rent Payable account b) Rent Receivable account c) Electricity Account, for the year ended 31 May, 2017 showing clearly the amounts to be transferred to the income statement in each case
i) Ms Tee rents her premises at an annual rental of GHC2,400. On June 1, 2016, Ms Tee had paid her rent up to the end of July, and during the year ended 31 May, 2017 she made the following payments for rent by cheque: August 25 December 1 GHC600 GHC600 March 31 GHC600 June 1 GHC600 ii) Ms Tee sublets part of these premises to Nana Akua at a rent of GHC960 per annum, and on June 1 2016 Nana Akua's rent was one month in arrears. During the year ended 31 May, 2017 Ms Tee received the following amounts in cash from Nana Akua; July 31 September 5 January 1 May 20 GHC80 GHC240 GHC300 GHC120 iii) On June 1, 2016 Ms Tee owed the Electricity Company Ghana GHC148 for electricity supplies up to that date. During the year, she made the following payments for rent by cheque: June 1 GHC148 October 1 GHC164 December 31 GHC208 April 30 GHC162 On 31 May, 2017 there was a balance outstanding on the Electricity Account of GHC192 You are required to write up Ms Tee's a) Rent Payable account b) Rent Receivable account c) Electricity Account, for the year ended 31 May, 2017 showing clearly the amounts to be transferred to the income statement in each case
Chapter14: Property Transactions: Determination Of Gain Or Loss And Basis Considerations
Section: Chapter Questions
Problem 31P: Nissa owns a building (adjusted basis of 600,000 on January 1, 2019) that she rents to Len, who...
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Transcribed Image Text:i) Ms Tee rents her premises at
had paid her rent up to the end of July, and during the year ended 31 May, 2017 she
made the following payments for rent by cheque:
annual rental of GHC2,400. On June 1, 2016, Ms Tee
August 25
December 1
GHC600
GHC600
March 31
GHC600
June 1
GHC600
ii) Ms Tee sublets part of these premises to Nana Akua at a rent of GHC960 per annum,
and on June 1 2016 Nana Akua's rent was one month in arrears. During the year
ended 31 May, 2017 Ms Tee received the following amounts in cash from Nana
Akua:
July 31
September 5
January 1
Мay 20
GHC80
GHC240
GHC300
GHC120
iii) On June 1, 2016 Ms Tee owed the Electricity Company Ghana GHC148 for
electricity supplies up to that date. During the year, she made the following payments
for rent by cheque:
June 1
GHC148
October 1
GHC164
December 31
GHC208
April 30
GHC162
On 31 May, 2017 there was a balance outstanding on the Electricity Account of GHC192
You are required to write up Ms Tee's
a) Rent Payable account
b) Rent Receivable account
c) Electricity Account, for the year ended 31 May, 2017 showing clearly the amounts to
be transferred to the income statement in each case
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