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Calculate amounts for the rent and magazine subscriptions

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Question - Andrea starts in business as a sole trader on 1 January 2021. he works as a landscape artist and publishes a gardening magazine. His financial year ends on 31 December. his first set of accounts will cover the year to 31 December 2021.

Andrea immediately enters into a 16 month lease for premises to be used as an office and workshop, and has to pay the whole amount of £28,000 on 1 January 2021.

On 31 July 2021, at a gardening fair, Andrea sells 50 annual magazine subscriptions worth a total of £3000

Required -

Calculate the amounts for the rent and magazine subscriptions to be included in the income statement for the year ended 31 December 2021.

Calculate the amounts for rent and magazine subscription to be included in the balance sheet as at 31 December 2021 and indicate in which section/heading of the balance sheet the amounts you have calculated will be shown.

Reference no: EM133117824

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