During 2014, A a limited company paid a total of $148,080 for rent covering the period from 1 October 2013 to 31 March 2015.
What figures should appear in the company's statement of profit or loss and statement of financial position?
Suggested solutions:
| Total rent | 148,080 | No of months | 15 | Monthly rental | 9,872 | Monthly rental | 9,872 | No of months in one year | 12 | Total rental for the year | 118,464 | No of months paid in advance | 3 | Monthly rental | 9,872 | Prepayment | 29,616 |