Use the following information to answer this qu... - WAEC Accounting 2016 Question
Use the following information to answer this questions.
Rent prepaid - 1/01/2014 - N600
Rent paid - 31/12/2014 - N3,000
Rent prepaid - 31/12/2014 - N400.
Rent for 2014 chargeable to the profit and loss account is
A
N4,000
B
N3,000
C
N3,200
D
N2,800
correct option: b
The profit and loss (P&L) statement is a financial statement that summarizes the revenues, costs and expenses incurred during a specified period, usually a fiscal quarter or year. 3000 is the only expenses incured within the year. other payments were made in advance.
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