Other payables and other receivables

Anjum lets part of her premises to Ajay at $6120 each year. At the start of the year, Ajay had already paid rent for two months in advance. By the end of the year, Ajay had paid rent for three months in advance. How much rent was received from Ajay during the year?

Feb/March 2020

AB Stores carried out the following transactions. By what amount would working capital rise after these transactions?

Feb/March 2020

At 31 December, Manjit was due commission. In Manjit’s statement of financial position at 31 December, in what way would this commission be recorded?

Feb/March 2024

The ledger account shown below was recorded in the records of a trader. Rent receivable account: 2020 Dec 31 balance c/d $600$ 2020 Jan 1 balance b/d $400$ 2020 Dec 31 bank $3\,600$ Which item was entered in the income statement for the year ended 31 December 2020 for rent receivable?

May/June 2021

A business supplied the information below. Long-term loan $\$20000$, trade receivables $\$12000$, trade payables $\$9700$, bank overdraft $\$2000$, prepaid insurance $\$400$, accrued wages $\$1000$, rent receivable prepaid $\$500$. What is the total for the current liabilities?

May/June 2021

Shula’s financial year concludes on 31 March. On 1 April 2021, Yasmin’s account in Shula’s purchases ledger showed a credit balance of $100$. What does this mean?

May/June 2021

Abdul purchases all of his machinery on credit. He gave the following details. In the year, Abdul paid $25000 to the suppliers of his machinery. What amount did he still owe them on 30 April 2021?

May/June 2021

Shula’s financial year finishes on 31 March. On 1 April 2021, Yasmin’s account in Shula’s purchases ledger showed a credit balance of $100. What is the meaning of this?

May/June 2021

Abdul acquires all of his machinery on credit. He gave the following details: On 30 April 2020: machinery at cost $30000; amounts owed to suppliers of machinery $19000. On 30 April 2021: machinery at cost $42000; amounts owed to suppliers of machinery $?. Over the year Abdul paid $25000 to the suppliers of his machinery. How much was still owed to them on 30 April 2021?

May/June 2021

Shula’s financial year finishes on 31 March. On 1 April 2021, Yasmin’s account in Shula’s purchases ledger showed a credit balance of $100. What is meant by this?

May/June 2021

On 1 April 2021, commission receivable of $210$ had not yet been received. Commission received in the year ending 31 March 2022 was $4850$. Which journal entry ought to have been recorded at the close of the financial year on 31 March 2022?

May/June 2022

At the close of his financial year, Marek was due $200$ in interest from a loan he had advanced to an employee. He entered this in his financial statements. What effect did this loan interest have on Marek’s profit for the year, and in which part of his statement of financial position was it shown?

May/June 2022

On 1 April 2021, commission receivable of $210 remained unpaid. Commission received in the year ended 31 March 2022 totalled $4850. What journal entry ought to have been recorded at the end of the financial year on 31 March 2022?

May/June 2022

Mariam operates a business that offers accounting services. She supplied the information below for the financial year ended 31 March 2022: fees due from clients on 1 April 2021 $4500; fees received from clients during the year ended 31 March 2022 $22 500; fees due from clients on 31 March 2022 $1500. What amount of fees was recorded in the income statement for the year ended 31 March 2022?

May/June 2022

The provisional financial statements of a limited company showed retained earnings of $31 820. It was later discovered that no adjustment had been made for the following items: commission receivable accrued $450; insurance prepaid $175. What should the corrected amount of the retained earnings be?

May/June 2022

On 1 April 2021, commission receivable, $210, remained unpaid. The commission received during the year ended 31 March 2022 was $4850. Which journal entry ought to have been recorded at the end of the financial year on 31 March 2022?

May/June 2022

Mariam runs a business that offers accounting services. For the financial year ended 31 March 2022, she gave the following figures: fees outstanding from clients on 1 April 2021 $4500; fees received from clients during the year ended 31 March 2022 $22\,500; fees outstanding from clients on 31 March 2022 $1500. What amount of fees would appear in the income statement for the year ended 31 March 2022?

May/June 2022

A ledger account was shown in the records of Leah, a trader. Amraz account: Debit side: April 26 purchases returns \$150; April 30 bank \$1900; April 30 discount \$100; balance c/d \$2950 (total \$5100). Credit side: April 1 balance b/d \$2100; April 20 purchases \$3000 (total \$5100). Which statement is correct?

May/June 2022

The annual rental income payable by Kumar, a tenant, is $3600. At the beginning of the year, Kumar had rent paid in advance of $900. By the end of the year, he was in arrears for two months’ rent. How much rent was received from Kumar during the year?

May/June 2023

In the financial year, AB Limited paid $1400 in debenture interest for that year. By the year end, a further $700 of debenture interest had been accrued. How was debenture interest presented in the financial statements for the year?

May/June 2023

In the financial year, AB Limited paid $1400 in debenture interest for that year. By the year-end, a further $700 of debenture interest had accrued. How was debenture interest presented in the financial statements for the year?

May/June 2023

The ledger account below was recorded in a trader’s books. Rent receivable account shows: 31 December 2020 balance c/d $600 1 January 2020 balance b/d $400 31 December bank $3600 What entry was recorded in the income statement for the year ended 31 December 2020 for rent receivable?

May/June 2024

A trader was drawing up her statement of financial position at 30 June 2021. She had four bank loans. Loan details: 1 repayable 1 December 2021 $5000 2 repayable 1 December 2022 $10000 3 repayable 1 September 2023 $8000 4 repayable 1 December 2025 $6000 What total amount of loans should be included as non-current liabilities at 30 June 2021?

May/June 2024

After the income statement had been completed, the business's books showed these remaining balances: loan owed to XYY Finance $10\,000$ accrued wages $620$ prepaid rent $240$ trade receivables $3\,300$ trade payables $4\,650$ motor vehicles $8\,000$ provision for depreciation of motor vehicles $2\,000$ What was the total liabilities figure?

May/June 2024

T Limited lets out a section of its premises to a tenant. At the beginning of the year, the tenant owed $600 in arrears. Over the year, T Limited collected $8650 as rent from the tenant. T Limited’s income statement recorded rent receivable of $7900 for the year. What was the balance brought down on the rent receivable account at the start of the next year?

May/June 2025

A business supplied the information below for two expenses. Electricity: 1 January 2024 $240 accrued; amount paid during year ended 31 December 2024 $1500; 31 December 2024 $360 accrued. Insurance: 1 January 2024 $180 prepaid; amount paid during year ended 31 December 2024 $1200; 31 December 2024 $220 prepaid. Which amounts are included in the income statement for the year ended 31 December 2024?

May/June 2025

Which item counts as a current liability?

May/June 2025

Shula’s financial year finishes on 31 March. At the start of 1 April 2024, Yasmin’s account in Shula’s purchases ledger showed a credit balance of $100. What does this mean?

May/June 2025

T Limited lets out part of its premises. At the beginning of the year, the tenant owed $600. Over the year, T Limited collected $8650 in rent from the tenant. T Limited’s income statement recorded rent receivable for the year at $7900. What was the balance brought down on the rent receivable account at the start of the following year?

May/June 2025

A business supplied the information below for two expenses. Electricity: 1 January 2024: $240 accrued Amount paid during year ended 31 December 2024: $1500 31 December 2024: $360 accrued Insurance: 1 January 2024: $180 prepaid Amount paid during year ended 31 December 2024: $1200 31 December 2024: $220 prepaid What amounts are included in the income statement for the year ended 31 December 2024?

May/June 2025

Which of the items is classified as a current liability?

May/June 2025

At the close of his financial year on 31 August 2020, a trader had insurance paid in advance. How will this be shown in the insurance account and in the statement of financial position at 31 August 2020?

Oct/Nov 2020

Hayley’s financial year finishes on 30 September 2020. The information below was given: - on 1 October 2019, rent receivable accrued: $480$ - for the year ended 30 September 2020, rent received: $6800$ - on 30 September 2020, rent received in advance: $720$ Which journal entry should be recorded on 30 September 2020?

Oct/Nov 2020

Peter’s financial year finishes on 30 September. On 1 August 2020, Peter was paid rent of $1000$. This payment related to the period from 1 July to 30 November 2020. What entry will be shown in Peter’s statement of financial position on 30 September 2020?

Oct/Nov 2020

At the close of his financial year on 31 August 2020, a trader had insurance prepaid. How would this be shown in the insurance account and in the statement of financial position at 31 August 2020?

Oct/Nov 2020

Hayley’s financial year ends on 30 September 2020. She gave the following details. On 1 October 2019: accrued rent receivable $\$480$. For the year ended 30 September 2020: rent received $\$6800$. On 30 September 2020: rent received in advance $\$720$. Which journal entry should be recorded on 30 September 2020?

Oct/Nov 2020

By the close of the financial year, Mui had rent paid in advance of $1500. How should this be recorded?

Oct/Nov 2021

Karishma owns and operates her own business. The balances shown in her books on 1 October 2020 were as follows. Insurance account $1700 prepaid Electricity account $1800 owing During the financial year ended 30 September 2021 Karishma made these cheque payments. Insurance payments: 7 February 2021 $3400 13 August 2021 $3500 Electricity payments: 14 October 2020 $1800 24 January 2021 $1800 26 May 2021 $1800 A refund of $300 for insurance overpaid was received by bank transfer on 28 February 2021. The insurance payment made on 13 August 2021 covered five months up to 31 December 2021. At 30 September 2021, electricity owing amounted to $2000.

Oct/Nov 2021

Karishma owns and manages her own business. On 1 October 2020, the balances in her books showed the following. Insurance account $1700 prepaid Electricity account $1800 owing In the financial year ending 30 September 2021, Karishma made these cheque payments. Insurance payments: 7 February 2021 $3400; 13 August 2021 $3500 Electricity payments: 14 October 2020 $1800; 24 January 2021 $1800; 26 May 2021 $1800 A refund of $300 for insurance overpaid was received by bank transfer on 28 February 2021. The insurance paid on 13 August 2021 covered a five-month period to 31 December 2021. At 30 September 2021, $2000 was still owing for electricity.

Oct/Nov 2021

Martha lets out a section of her business premises. On 1 September 2021, rent owing to her amounted to $1500, and by 31 August 2022 this had risen to $1800. Over the year ended 31 August 2022, Martha collected rent of $6000. What amount was transferred to Martha’s income statement for the year ended 31 August 2022?

Oct/Nov 2022

Over the course of the year, Sam incurred advertising expenses, and part of these costs related to the next financial year. When he prepared his financial statements for the current year, Sam made an adjustment for this. What effect did making this adjustment have on Sam’s financial statements?

Oct/Nov 2022

The balances below were drawn from RB’s accounts, with RB acting as a trader. 1 April 2021: Insurance $2500 prepaid; Commission receivable $700 owing. 31 March 2022: Insurance $850 prepaid; Commission receivable $630 owing. The transactions for the year ended 31 March 2022 are listed below. Every receipt and every payment went through the bank account. Insurance paid $15300 Insurance refund $600 Commission receivable $7200

Oct/Nov 2022

The balances below were extracted from RB’s accounts, where RB is a trader. 1 April 2021 / 31 March 2022 Insurance: $2500 prepaid / $850 prepaid Commission receivable: $700 owing / $630 owing For the year ended 31 March 2022, the following transactions occurred. Every receipt and payment passed through the bank account. Insurance paid $15300 Insurance refund $600 Commission receivable $7200 RB has agreed with suppliers to a 25% trade discount from list price and a 2% cash discount. The cash discount applies only when payment is made within 10 days. On 5 March 2022 RB received an invoice from JP for the supply of goods with a list price of $3000. The invoice was settled on 13 March 2022.

Oct/Nov 2022

On 1 January 2022, the electricity account showed a credit balance of $800. Total payments during the year were $4900. By 31 December 2022, an additional $1800 of electricity had been consumed since the most recent invoice was settled. What is the charge to the income statement for electricity for the year 2022?

Oct/Nov 2023

B Limited carries out cleaning services for client offices and factories. The clients supply their own cleaning materials. B Limited's trial balance at 30 June 2023 was as follows. Trial balance dated 30 June 2023 Revenue Credit $135040 Wages and salaries Debit $72000 Motor expenses Debit $9820 Insurance Debit $11040 General expenses Debit $12780 Motor vehicles at cost Debit $42000 Provision for depreciation of motor vehicles Credit $16500 Equipment at cost Debit $5000 Provision for depreciation of equipment Credit $2000 Trade receivables Debit $1640 Bank Debit $19950 Ordinary share capital Credit $10000 General reserve Credit $2000 Retained earnings Credit $13490 Dividend paid on ordinary shares Debit $4800 Totals $179030 $179030 Additional information 1 Revenue of $9240 was received in advance. 2 The insurance charge for the 12 months to 31 December 2022 was $7200 and for the 12 months to 31 December 2023 it is $7440. On 1 January 2023 insurance was paid in full for the 12 months to 31 December 2023. 3 Accrued general expenses at 30 June 2023 were $186. 4 Depreciation is to be charged on motor vehicles at 25% per annum using the reducing balance method. 5 Depreciation on equipment is to be charged at 20% per annum using the straight line method. 6 No dividends were outstanding at 30 June 2023. 7 $1000 is to be transferred to the general reserve at 30 June 2023.

Oct/Nov 2023

At the beginning of the financial year, a trader had a credit balance on his heat and light account. What does this balance indicate?

Oct/Nov 2024

At the close of his financial year, Raminder recorded an adjustment for rent that a tenant still owed him. What effect did this have on Raminder’s financial statements?

Oct/Nov 2024

Abdul works as a trader. He lets out part of his warehouse to other businesses. As Abdul gets ready to prepare his financial statements for the year ended 31 December, the rental income account shows: • the rent received over the year came to $2750$ • the rental income transferred to the income statement was $3000$ What is shown by the closing balance in the rental income account?

Oct/Nov 2024

A business gave the following details: • long-term loan $20000$ • trade receivables $12000$ • trade payables $9700$ • bank overdraft $2000$ • prepaid insurance $400$ • accrued wages $1000$ • rental income prepaid $500$ What was the total of the current liabilities?

Oct/Nov 2024

At the beginning of the financial year, a trader had a credit balance on his heat and light account. What does this balance indicate?

Oct/Nov 2024

At the close of his financial year, Raminder recorded an adjustment for rent that a tenant still owed him. What effect did this have on Raminder’s financial statements?

Oct/Nov 2024

For what reason ought prepaid income to appear in a business’s financial statements?

Oct/Nov 2025

At the start of the year on 1 January, clients owed Keith $1500 commission. Throughout the year, Keith collected $18000 commission. At the close of the year on 31 December, clients owed Keith $800 commission. How much commission should Keith show in his income statement for the year ended 31 December?

Oct/Nov 2025

Gem has operated the business for many years. On 1 March, Gem bought a new factory. On that date, he paid $900$ for three months’ insurance on the factory. What amount should Gem record for insurance in his statement of financial position at 31 March?

Oct/Nov 2025

At the beginning of his first year of trading, Jimmy paid $9600 for insurance covering 20 months. What would the balance carried down look like in his insurance ledger account at the end of the first year of trading?

Oct/Nov 2025