Reference no: EM133187585
Question - From the Commission Revenue (income) details below, answer the questions.
Accounting period 1st January 2021 - 31st December 2021
Commission Revenue received in the year 2021 170,000
Accrued Commission Revenue b/d (at beginning of the year) 40,000
Prepaid Commission Revenue b/d (at beginning of the year) 20,000
Accrued Commission Revenue c/d at end of year 50,000
Prepaid Commission Revenue c/d at end of year 10,000
Required -
(a) Calculate the Commission Income for the year that will enter the Profit or Loss as an income for the year ended 31st December 2021.
(b) Show which amounts and under which classification they will be reported in the statement of financial position as at 31st December 2021
(c) Prepare the Commission Revenue ledger account for the above transactions.
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