A company owns three properties which it rents out. Rent amounts to USD600 per quarter per property due on 31 January, 30 April, 31 July and 31 October. The properties have been occupied throughout the year to 31 December 2015. Two tenants pay in advance and one in arrears. What are the balances for rent receivable at 31 December 2015?
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1 .The rent, rates (local property tax) and insurance account in the books of Mahler for the year ended 30 June 2016 was as follows: USD Opening balances at 1 July 2015 Rent accrued 200 Rates prepaid 150 Insurance prepaid 180 Payments made during the year ended 30 June 2016 were as follows: USD 10 August 2015 Rent, three months to 31 July 2015 300 26 October 2015 Insurance, one year to 31 October 2016 600 2 November 2015 Rates, six months to 31 March 2016 350 12 December 2015 Rent, four months to 30 November 2015 400 17 April 2016 Rent, four months to 31 March 2016 400 9 May 2016 Rates, six months to 30 September 2016 350 Which of the following is a correct treatment for Mahler’s rates?
A Prepaid/(accrued) at 30 June 2016: USD(175); Transfer to profit or loss account for year to 30 June 2016: USD850 B Prepaid/(accrued) at 30 June 2016: USD(150); Transfer to profit or loss account for year to 30 June 2016: USD700 C Prepaid/(accrued) at 30 June 2016: USD150; Transfer to profit or los...
2 .The rent, rates (local property tax) and insurance account in the books of Mahler for the year ended 30 June 2016 was as follows: USD Opening balances at 1 July 2015 Rent accrued 200 Rates prepaid 150 Insurance prepaid 180 Payments made during the year ended 30 June 2016 were as follows: USD 10 August 2015 Rent, three months to 31 July 2015 300 26 October 2015 Insurance, one year to 31 October 2016 600 2 November 2015 Rates, six months to 31 March 2016 350 12 December 2015 Rent, four months to 30 November 2015 400 17 April 2016 Rent, four months to 31 March 2016 400 9 May 2016 Rates, six months to 30 September 2016 350 Which of the following is a correct treatment for Mahler’s insurance?
A Prepaid/(accrued) at 30 June 2016: USD200; Transfer to profit or loss account for year to 30 June 2016: USD580 B Prepaid/(accrued) at 30 June 2016: USD180; Transfer to profit or loss account for year to 30 June 2016: USD780 C Prepaid/(accrued) at 30 June 2016: USD(200); Transfer to profit or loss ...
3 .On 5 May 2015 Tomas pays a rent bill of USD3,600 for the 18 months ended 30 June 2016.What is the charge to profit or loss and the amount to be carried in the statement of financial position in respect of rent for the year ended 31 March 2016?
A USD2,400 with prepayment of USD600 B USD2,400 with accrual of USD1,200 C USD3,000 with accrual of USD600 D USD3,000 with prepayment of USD600
4 .You are given the following extract from an electricity account for the year ended 30 June 2015: Electricity a/c USD USD Balance b/d (standing charge) 74 Balance b/d (metred usage) 375 Bank 394 Bank 427 Bank 507 Bank 670 The last bill received and paid was for USD670, comprising a standing charge of USD180 for the three months to 31 August 2015 and metered charges for the three months to 31 May 2015.The charge for usage in June is expected to be USD307, whilst the standing charge is to be increased to USD240 per quarter on all successive bills.What is the charge for electricity in the profit or loss account for the year ended 30 June 2015?
A USD1,577 B USD1,844 C USD1,884 D USD1,944
5 .In the year to 31 July 2015 Twiddle received USD36,900 rental income. The amounts of rentreceived in advance and due in arrears were as follows: 31 July 2015 31 July 2014 Rent received in advance USD1,800 USD1,950 Rent due in arrears USD1,350 USD1,050 What figure for rental income should be recorded in the profit or loss account for the year ended 31 July 2015?
A USD36,450 B USD36,750 C USD37,050 D USD37,350
7 .A company owns three properties which it rents out. Rent amounts to USD600 per quarter per property due on 31 January, 30 April, 31 July and 31 October. The properties have been occupied throughout the year to 31 December 2015. Two tenants pay in advance and one in arrears.What amount for rent receivable should be included in profit or loss for the year to 31 December 2015?
A USD1,800 B USD2,400 C USD6,600 D USD7,200
8 .A company acquired a new minicomputer system for USD50,000 on 1 November 2015. The computer’s estimated useful life is five years, at the end of which it is expected to have a scrap value of USD4,550.The company’s financial year ends on 31 March and straight-line depreciation is applied on a time-apportioned basis.What is the depreciation charge on the computer in profit or loss for the year to 31 March 2016?
A USD3,788 B USD4,167 C USD9,090 D USD10,000
9 .The following information has been extracted from a company’s statements of financialposition: 31 December 2015 31 December 2014 Cost Depreciation Cost Depreciation USD000 USD000 USD000 USD000 Plant and equipment 176 34 143 21 During the year ended 31 December 2015 equipment which had an original cost of USD16,000 and accumulated depreciation of USD10,000 was sold.What amounts should be shown for depreciation expense and purchase of plant and equipment in the financial statements for the year ended 31 December 2015?
A Depreciation expense: USD3,000; Purchase of plant and equipment: 17,000 B Depreciation expense: USD3,000; Purchase of plant and equipment: 49,000 C Depreciation expense: USD23,000; Purchase of plant and equipment: 17,000 D Depreciation expense: USD23,000;Purchase of plant and equipment: 49,000
10 .On 1 January 2015 a company had plant and equipment with a cost of USD150,000 and accumulated depreciation thereon of USD60,000. During the year ended 31 December 2015 the cost of plant additions was USD30,000 and plant was disposed of with a cost of USD20,000 for USD18,000. This plant was bought on 30 September 2013.The depreciation policy is to make an allowance of 25% per annum on the reducing balance with a full charge in the year of acquisition and none in the year of disposal. What is the depreciation charge for the year ended 31 December 2015?
A USD27,188 B USD27,500 C USD27,891 D USD28,750
