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Simone Lynch operates a business in Mandeville, Jamaica. The rent of her business place is $600,000 per annuum, payable in equal quarterly amounts in
Simone Lynch operates a business in Mandeville, Jamaica. The rent of her business place is $600,000 per annuum, payable in equal quarterly amounts in the first month of every quarter. Insurance on the premises amounts to $400,000 per annum also payable in equal amounts during the first month of every quarter. For the financial year ending December 31, 2020 the following payments were made for insurance and rent: Payments for Insurance Payments for Rent Details $ Details $ January 04, 2020|150,000 January 11, 2020 100,000 April 2, 2020 150,000 April 29, 2020 100,000 July 25, 2020 150,000 July 8, 2020 100,000 January 18, 2021 150,000 December 15, 2020 200,000 Required: a. Write up the Rent Account on December 31, 2020. (11 marks) b. Write up the insurance Account on December 31, 2020. (10 marks) c. Outline four (4) internal control procedures in accounting (4 marks)
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