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Rent paid on 1st October 2010 for the year to 30 September 2011 was rupees 1200 in rent paid on 1st October 2011 for the year to 30 September 2012 was simply 1600 rent payable as shown in the profit and loss account for the year ended 31st December 2011 would be?
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Rent paid on 1st October 2010 for the year to 30 September 2011 was ru...
1200 12 months 900 9 mths1200*9÷12=900 prepaid for next year In October 2011, again1600 12 months 1200. 9 mths So prepaid is 1200 and this year's rent is 1600-1200 =400 The total rent in Dec 2011 is900(paid last year for this year) + 400 =1300
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Rent paid on 1st October 2010 for the year to 30 September 2011 was ru...
Calculation of Rent Payable in Profit and Loss Account

Given:

Rent paid on 1st October 2010 for the year to 30 September 2011 = Rs. 1200

Rent paid on 1st October 2011 for the year to 30 September 2012 = Rs. 1600

Calculation:

Rent is paid in advance for a period of one year. Hence, the rent paid on 1st October 2011 is for the period from 1st October 2011 to 30th September 2012. As on 31st December 2011, three months of the rent paid for the year to 30th September 2012 have already passed. Therefore, the rent payable for the year ended 31st December 2011 would be calculated as follows:

Rent payable for the year to 30th September 2012 = Rent paid on 1st October 2011 - Rent attributable to the period from 1st October 2011 to 31st December 2011

Rent attributable to the period from 1st October 2011 to 31st December 2011 = (Rent paid on 1st October 2011 ÷ 12) × 3 = (1600 ÷ 12) × 3 = Rs. 400

Rent payable for the year ended 31st December 2011 = 1600 - 400 = Rs. 1200

Answer:

Rent payable as shown in the profit and loss account for the year ended 31st December 2011 would be Rs. 1200.
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Rent paid on 1st October 2010 for the year to 30 September 2011 was rupees 1200 in rent paid on 1st October 2011 for the year to 30 September 2012 was simply 1600 rent payable as shown in the profit and loss account for the year ended 31st December 2011 would be?
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Rent paid on 1st October 2010 for the year to 30 September 2011 was rupees 1200 in rent paid on 1st October 2011 for the year to 30 September 2012 was simply 1600 rent payable as shown in the profit and loss account for the year ended 31st December 2011 would be? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Rent paid on 1st October 2010 for the year to 30 September 2011 was rupees 1200 in rent paid on 1st October 2011 for the year to 30 September 2012 was simply 1600 rent payable as shown in the profit and loss account for the year ended 31st December 2011 would be? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Rent paid on 1st October 2010 for the year to 30 September 2011 was rupees 1200 in rent paid on 1st October 2011 for the year to 30 September 2012 was simply 1600 rent payable as shown in the profit and loss account for the year ended 31st December 2011 would be?.
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