Converting a raw trial balance into final accounts, including classification of items.
Rent prepayment: Paid 12,000 for 15 months (Jan 2023 – Mar 2024). Expense for year = 12,000 ÷ 15 × 12 = £9,600. Prepayment = 12,000 – 9,600 = £2,400 (SFP current asset) Electricity accrual: £600 expense (IS), £600 accrual (SFP current liability) Icb Financial Statements Exam Paper Free Gabnic
| | Weighting | |-----------|----------------| | Income Statement (Profit & Loss) | 30% | | Statement of Financial Position (Balance Sheet) | 30% | | Adjustments (accruals, prepayments, depreciation, bad debts) | 25% | | Interpretation (ratios, analysis) | 10% | | Partnership & Company accounts (basics) | 5% | Converting a raw trial balance into final accounts,
Focuses on the Appropriation Account and Current Account for multiple partners. Section C: Elective Questions (Choose 2 of 3) Prepayment = 12,000 – 9,600 = £2,400 (SFP
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