Forum

topBanner
First Previous - Page 1 of 1 - Next Last

ICB LEVEL 2 MANUAL BOOKKEEPING & ACCOUNTS ASSIGNMENT 2 HELP (Ideal Schools)

  • 3 posts
  • # 103984

Hi everyone, I am having a few problems with Question 10 I have it 75% completed.

 

Calculate the amounts of prepaid and accrued charges as at 30 September (Year end).

Rent prepaid as at beginning of year £1000 (completed)

Rates accrued as at beginning of year 750 (completed)

Insurance prepaid as at beginning of year 800 (completed)

Heat and Light accrued as at beginning of year - £100

 

During the year the following payments were made:

06/12 Electricity (3 months to 30 November just past)       £300

06/03 Electricity (3 months to 28 February just past)         £450

15/05 Electricity (3 months to 31 May)                            £580

05/09 Electricity (3 months in arrears to 31 August)          £600

 

Would really much appreciate if someone could point me in the right direction.

 



Edited at 28 Jan 2015 01:19 PM GMT
Brian @ Ideal Schools
  • Companion
  • Accredited Training Provider IS
  • 435 posts
  • # 103985

Hi Catherine,

 

You know you can telephone or email our tutors directly for help and we'll be only too pleased to guide you. I've provided brief guidance below but if you need further help please get in touch directly.

 

There are three pieces of information that are vital, where the rest can be largely ignored:

  1. When the financial year ends
  2. What date the last payment made took you up to
  3. The value of last payment made and number of months it covered, determining the monthly value.

 

Use the above and this should help you but you know where we are if needed :-) 

 

Kind regards
  • 3 posts
  • # 103986

Thanks Brian, I have emailed my tutor just waiting on her getting back to me, just thought I would try on here too.

 

 

thanks again

  • 3 posts
  • # 104006

Hello again

Going on the principle that you divide the amount by how many months the payment has been made for. 

 

On 10/06 payment was made for 3 months of £580 this does not divide evenly by 3, (it gives a monthly value of 193.333333)

 

Thought this would've been as straight forward as the rates accrual, but unfortunately not.  Probably is I'm just missing something important.

 

Still awaiting Tutor reply. Smile

 

 



Edited at 29 Jan 2015 02:51 PM GMT
Brian @ Ideal Schools
  • Companion
  • Accredited Training Provider IS
  • 435 posts
  • # 104008

HI Catherine,

 

That is not the final payment for that particular expense. There was another payment on  05/09 for £600, giving a monthly charge of £200 for the purposes of the question.

 

I'll need to check Jo's inbox re your query as I believe her work is up-to-date. 
First Previous - Page 1 of 1 - Next Last
bottomBanner
loading