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Isolation Traders paid an insurance premium of R10 860 on 1 March 20.19 for 12 months. Upon the inspection of the preadjustment trial balance for
Isolation Traders paid an insurance premium of R10 860 on 1 March 20.19 for 12 months. Upon the inspection of the preadjustment trial balance for the year ended 31 May 20.19, the bookkeeper noticed that insurance premiums amounting to R6 380 for the period starting 1 June 20.18 until 28 February 20.19, were paid in the previous financial period. The bookkeeper also noticed that, the insurance premium paid on 1 March 20.19 has not yet been recorded in the books, and no adjustment has been processed and no reversal has been processed relating to insurance premium paid in the previous financial period. The amount for insurance expenses to be shown in the statemel of financial position as at 31 May 20.19 will be ... Instructions: 1. Use a full stop to indicate any decimals (eg: 1000.01) 2. Round off to the nearest Rand (eg: 50.56 is 51) 3. Only show the amount, do not show the R (eg: 12141.72)
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