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What will be the expense reported for premises insurance

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Problem 1: The annual insurance premium for Claire's business premises (covering the period 1 September 2018 to 31 August 2019) is £7,200, which is exactly 20% more than her previous year's premium. Claire paid the £7,200 in full on 15 August 2018. What will be the expense reported for premises insurance in Claire's Income Statement for her financial year ended 31 March 2019?

Problem 2: Denise's business pays £1,440 rent on 15 August 2018 in respect of the quarter ended 30 June 2018. She also pays an electricity bill of £864 covering energy used in the three months to 31 May 2018. The electricity bill was received on 10 June 2018, and Denise paid it on 20 June. Her financial year ends on 30 April 2018. What is the correct figure for accruals in Denise's Balance Sheet as at that date?

Reference no: EM132760166

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