7.3 Prepac Ltd prepared its accounts to 31 December. The following facts relate to 20X8:

£

Balance on insurance account 1 January 450 (Dr.)

Balance on electricity account 1 January 300 (Cr.)

Balance on rates account 1 January 290 (Dr.)

Balance on gas account 1 January 600 (Cr.)

February – pay for electricity consumed during quarter to 31 January 900 March – pay for gas consumed during quarter to 28 February 850

– pay rates for the half year to 30 September 780 May – pay for electricity consumed during quarter to 30 April 820 June – pay for gas consumed during quarter to 31 May 840

– pay insurance for the year to 30 June 20X9 1,020 August – pay for electricity consumed during quarter to 31 July 690 September – pay for gas consumed during quarter to 31 August 610

– pay rates for 6 months to 31 March 20X9 780 November – pay for electricity consumed during quarter to 31 October 550 December – pay for gas consumed during quarter to 30 November 960 Electricity consumed in November and December 20X8 390 Gas consumed in December 20X8 680 Prepare the insurance account, electricity account, rates account and gas account for 20X8 as they appear in the books of Prepac Ltd and show clearly in each case the transfer to profit and loss account.