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Write up the t-account for telephone for the year

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Question - Amit started business on 1 April 2000, and during the year to 31 March 2001 he made the following payments in respect of telephone: 18 July 2000 $500 for the 3 months to 30 June 2000 22 October 2000 $600 for the 3 months to 30 September 2000 14 January 2001 $750 for the 3 months to 31 December 2000 As at 31 March 2001, Amit estimated that $950 was owing for the 3 months to 31 March 2001. He had however not received a bill from the telephone company.

(a) Show extracts from the Statement of Profit or Loss and Statement of Financial Position.

(b) Write up the t-account for Telephone for the year to 31 March 2001.

(c) Close off the account.

Reference no: EM132975716

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