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5 marksAccruals and Prepayments

CSEC Principles of Accounts · January 2010 · Paper 2 · Question 4(b)(ii)

Details are provided regarding opening accruals/prepayments, cheques paid/received, and closing accruals/prepayments for Rent Expense and Commission Revenue for the year ending December 31, 2009.

Prepare the Commission Revenue Account, clearly showing the amount to be transferred to the Income Statement.

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Other parts of this question

  1. 4(a)Prepare the Provision for Bad Debts Account for the three years.[8 marks]
  2. 4(b)(i)Prepare the Rent Expense Account, clearly showing the amount to be transferred to the Income Statement.[5 marks]
  3. 4(c)Show the Classified Balance Sheet Extract at December 31, 2009 for the Prepaid Rent and Accrued Commission Revenue.[2 marks]

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