16. The electricity account of Velvet Company for the year ended June 30, 2016 was as follows: Opening balance for electricity accrual of July 1, 2015 P 30,000 Payments made during the year: 08.01.15 - for three months to 07.31.15 60,000 11.01.15 - for three months to 10.31.15 72,000 02.01.16 - for three months to 01.31.16 90,000 06.30.15 - for three months to 04.30.16 84,000 ACCTG 6 - FINANCIAL ACCOUNTING AND REPORTING III jvacpa Page 2 of 6