The following information is provided to you by Amos 31st December 2014 31st December 2015 Shs. Shs Wages in arrears 60,000 67,000 Insurance paid in advance 21,000 25,500 Rates in arrears 7,500 NIL Rates in advance NIL 9,000 Payments made during 2015 were; Wages Kshs. 715,000 Insurance Kshs. 43,500 Rates Kshs. 46,000 Calculate the amounts Amos should transfer to the profit and loss account for wages, insurance and rates for the year 2015. Prepare the Balance sheet extract.
The following information is provided to you by Amos 31st December 2014 31st December 2015 Shs. Shs Wages in arrears 60,000 67,000 Insurance paid in advance 21,000 25,500 Rates in arrears 7,500 NIL Rates in advance NIL 9,000 Payments made during 2015 were; Wages Kshs. 715,000 Insurance Kshs. 43,500 Rates Kshs. 46,000 Calculate the amounts Amos should transfer to the profit and loss account for wages, insurance and rates for the year 2015. Prepare the Balance sheet extract.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following information is provided to you by Amos
31st December 2014 31st December 2015
Shs. Shs
Wages in arrears 60,000 67,000
Insurance paid in advance 21,000 25,500
Rates in arrears 7,500 NIL
Rates in advance NIL 9,000
Payments made during 2015 were;
Wages Kshs. 715,000
Insurance Kshs. 43,500
Rates Kshs. 46,000
Calculate the amounts Amos should transfer to the
Prepare the
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