Question

Follow up
Problem 3
Aanchal & Co. closes its books of accounts on 31st March each year. Rent of the building is
paid six months in advance on Ist July and Ist January each year. The following rent payments
were made in the recent months:
Ist January, 2018
60,000
Ist July, 2018
60,000
Ist January, 2019
64,000
Ist July, 2019
64,000
Ist January, 2020
68,000
Ist July, 2020
68,000
Calculate the rent expense to be charged to Profit & Loss Account of 2019-20 on:
) Accrual basis
(ii) Cash basis​

Answer 1

Answer:

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