James Grant runs a small mail order business. On 1 January 20-7 there was 500 owing for
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James Grant runs a small mail order business. On 1 January 20-7 there was
£500 owing for rent in respect of the business premises. During the year the following payments were made for rent, by cheque:
On 31 December 20-7 there was £500 owing for rent.
You are required to write up James Grant’s rent account for the year ended 31 December 20-7, showing clearly the amount to be transferred to the profit and loss account and the amount to be carried forward to the next financial year.
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