question archive Question 2 Accruals and Prepayments PART (1) Prepare the combined rent and rates expense accounts in respect of both 2014 and 2015, for Grey Ltd given the following information
Question 2 Accruals and Prepayments PART (1) Prepare the combined rent and rates expense accounts in respect of both 2014 and 2015, for Grey Ltd given the following information
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Question 2 Accruals and Prepayments PART (1) Prepare the combined rent and rates expense accounts in respect of both 2014 and 2015, for Grey Ltd given the following information. Rates owing at 31 December 2013: €800, Rent prepaid at 31 December 2013:€440 Total paid in respect of both rent and rates during 2014: €6,400 Rates owing at 31 December 2014: €660, Rent prepaid at 31 December 2014: €310 Total paid in respect of both rent and rates during 2015: €7,100. Rates owing at 31 December 2015: €480, Rent prepaid at 31 December 2015: €360. (Note - You may assume that payments for Rent & Rates were made on 31 December of each year)
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| Particulars | AMOUNT € |
| Prepaid Rent from 2013 | 440 |
| Rates and rent Paid | 6400 |
| Less Prepaid rent from 2014 | 310 |
| Combined Rate and rent expense for 2014 | 6530 |
| Prepaid rent from 2014 | 310 |
| Rates and rent Paid | 7100 |
| Less Prepaid rent from 2015 | 360 |
| Combined Rate and rent expense for 2015 | 7050 |
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