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Example: Accruals and prepayments The company's year-end is 31 July. Rent is paid in advance by the company on 1 January of each year. 2020:

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Example: Accruals and prepayments The company's year-end is 31 July. Rent is paid in advance by the company on 1 January of each year. 2020: paid 600 (for period 1 January 2020 to 31 December 2020) 1 2021: paid 720 (for period 1 January 2021 to 31 December 2021) Required: What amounts are included in prepayments for rent at 31 July 2020 and 2021

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