The insurance premium to be taken to the profit and loss account would be.
Use the information to answer the question.
……………………..30/9/06…….30/9/07…..
……………………….N………….N………
Accrued insurance premium…600………..710…….
Prepaid rent income………490…………630……
The cash book includes N1,850 and N,2,100 in respect of insurance premium and rent income respectively.
The insurance premium to be taken to the profit and loss account would be.
A N1,340
B N1,850
C N1,990
D 2,210
Answer is A
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