A business paid a 720 subscription to a trade magazine on 30 June 2008, for the two
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A business paid a £720 subscription to a trade magazine on 30 June 2008, for the two years to 1 July 2010. The business's financial year ends on 30 November 2008. What relevant figures for subscriptions will be shown in the financial summaries for that period?
a. £150 in the income statement, £570 prepayment in the balance sheet
b. £720 in the income statement, nil in the balance sheet
c. £360 in the income statement, £360 prepayment in the balance sheet
d. £1,440 in the income statement, £720 prepayment in the balance sheet
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Kirti Kaushal
Having experience of more than 10 years is good enough to coach my students. Currently, I am working as an active supervisor of ACCA students. In my career, I helped students in financial accounting, management accounting, cost accounting, financial reporting, taxation, and audit. I also helped students publish their articles or papers in good journals. I also helped students with thesis and objective writing.
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