William is a trader. His financial year ends on 31 December. He rents business premises
The monthly rent of $1350, payable in advance on the first day of each month, was
increased to 51380 from 1 July 20-1. William paid six months' rent in advance by direct
debit on the following dates in 20-1:1 January, 1 July and 31 December.
a i Prepare the rent payable account in William's ledger for the year ended
31 December 20-1.
Balance the account and bring down the balance on 1 January 20-2.
ii Prepare a relevant extract from William's statement of financial positon at
31 December 20-1.
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