Jamilla made the following payments. Indicate how much is an expense of the year 19X1 (the first

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Jamilla made the following payments. Indicate how much is an expense of the year 19X1 (the first year) and how much for the next year. (i) Computer equipment purchased April 19X1 and expected to last five years — £4800. ; (ii) Insurance for equipment taken out on lst October 19X1 for the following 12 months — £360. (iii) Rent of premises paid annually in advance on Ist December 19X1 — £1440. (iv) Stationery purchased on 28 February 19X2, one third of which is still in stock at the year end — £168. (v) A special advertising campaign to launch a new product. The campaign was held in January and February 19X2 but the effect on sales is estimated to continue until September 19X2. The product was launched on Ist March Opening balance 19X2. Cost £18 000. Cash paid (£)) Expense (£)| Closing (£) balance (£)

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Accounting A Systems Approach

ISBN: 9781861520371

1st Edition

Authors: Alison Warman, Jeff Davies

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