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FFATA FINANCIAL ACCOUNTING Until 30 June 20X3 $8
FFATA FINANCIAL ACCOUNTING Until 30 June 20X3 $8.400 per year From 1 July 20X3 $12,000 per year Rent was paid quarterly in advance on 1 January, April, July, and October each year. Rent receivable A $9.900 B $9,900 C$10,200 D $9,900 Statement of financial position $2,000 in sundry payables $1,000 in sundry payables $1,000 in sundry payables $2,000 in sundry receivables 10.4 Jelly Co has sublet part of its offices and in the year ended 30 November 20X3 the rent receivable was What amounts should appear in Jelly Co's financial statements for the year ended 30 November 20X3?
Expert Solution
Following is the rent receivable amount:
| Per Year Rent receivable | Per month rent receivable | No. of months | Rent receivable till Nov 20X3 |
| $ 8,400 | $ 700 | 7 | $ 4,900 |
| $ 12,000 | $ 1,000 | 5 | $ 5,000 |
| Total | $ 9,900 |
Since rent is paid in advance, there will be $ 1,000 apearing in sundry payable at the end of Nov 20X3.
So the option B is the right one.
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