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Rent paid on 1st October, 2015 for the year to 30th September, 2016 was Rs. 1,200 and rent paid on 1st October, 2016 for the year to 30th September, 2017 was Rs. 1,600. Rent paid, as shown in the profit and loss account for the year ended 31st December 2016, would be:
- a)Rs. 1,200
- b)Rs. 1,600
- c)Rs. 1,300
- d)Rs. 1,500
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
Rent paid on 1st October, 2015 for the year to 30th September, 2016 wa...
Given information:
Rent paid on 1st October, 2015 for the year to 30th September, 2016 = Rs. 1,200
Rent paid on 1st October, 2016 for the year to 30th September, 2017 = Rs. 1,600
To calculate rent paid for the year ended on 31st December 2016, we need to consider the period from 1st October 2015 to 31st December 2016, which is 15 months.
Calculation:
Rent for 15 months = Rent paid for one year + Rent paid for another year - Rent paid for three months
Rent for 15 months = Rs. 1,200 + Rs. 1,600 - (Rent for 12 months/4)
Rent for 15 months = Rs. 1,200 + Rs. 1,600 - Rs. 300
Rent for 15 months = Rs. 2,500
Therefore, rent paid as shown in the profit and loss account for the year ended on 31st December 2016 is Rs. 1,300 (i.e., 2,500/15*3). So, the correct answer is option C.
Rent paid on 1st October, 2015 for the year to 30th September, 2016 = Rs. 1,200
Rent paid on 1st October, 2016 for the year to 30th September, 2017 = Rs. 1,600
To calculate rent paid for the year ended on 31st December 2016, we need to consider the period from 1st October 2015 to 31st December 2016, which is 15 months.
Calculation:
Rent for 15 months = Rent paid for one year + Rent paid for another year - Rent paid for three months
Rent for 15 months = Rs. 1,200 + Rs. 1,600 - (Rent for 12 months/4)
Rent for 15 months = Rs. 1,200 + Rs. 1,600 - Rs. 300
Rent for 15 months = Rs. 2,500
Therefore, rent paid as shown in the profit and loss account for the year ended on 31st December 2016 is Rs. 1,300 (i.e., 2,500/15*3). So, the correct answer is option C.
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Community Answer
Rent paid on 1st October, 2015 for the year to 30th September, 2016 wa...
To calculate the rent paid as shown in the profit and loss account for the year ended 31st December 2016, we need to determine the rent expense for the period 1st January 2016 to 31st December 2016.
Here's the breakdown of the calculation:
Rent for the year 1st October 2015 to 30th September 2016:
- Total rent paid: Rs. 1,200
- Rent period: 12 months (October 2015 to September 2016)
Rent for the year 1st October 2016 to 30th September 2017:
- Total rent paid: Rs. 1,600
- Rent period: 12 months (October 2016 to September 2017)
Now, we need to find the rent expense for the period 1st January 2016 to 31st December 2016.
Rent expense for the period 1st January 2016 to 30th September 2016:
- Rent for 9 months (January 2016 to September 2016)
- Calculation: (Rs. 1,200 / 12 months) * 9 months = Rs. 900
Rent expense for the period 1st October 2016 to 31st December 2016:
- Rent for 3 months (October 2016 to December 2016)
- Calculation: (Rs. 1,600 / 12 months) * 3 months = Rs. 400
Adding both the rent expenses:
- Rent expense for the year ended 31st December 2016 = Rs. 900 (January to September) + Rs. 400 (October to December) = Rs. 1,300
Hence, the correct answer is Rs. 1,300.
Here's the breakdown of the calculation:
Rent for the year 1st October 2015 to 30th September 2016:
- Total rent paid: Rs. 1,200
- Rent period: 12 months (October 2015 to September 2016)
Rent for the year 1st October 2016 to 30th September 2017:
- Total rent paid: Rs. 1,600
- Rent period: 12 months (October 2016 to September 2017)
Now, we need to find the rent expense for the period 1st January 2016 to 31st December 2016.
Rent expense for the period 1st January 2016 to 30th September 2016:
- Rent for 9 months (January 2016 to September 2016)
- Calculation: (Rs. 1,200 / 12 months) * 9 months = Rs. 900
Rent expense for the period 1st October 2016 to 31st December 2016:
- Rent for 3 months (October 2016 to December 2016)
- Calculation: (Rs. 1,600 / 12 months) * 3 months = Rs. 400
Adding both the rent expenses:
- Rent expense for the year ended 31st December 2016 = Rs. 900 (January to September) + Rs. 400 (October to December) = Rs. 1,300
Hence, the correct answer is Rs. 1,300.
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Rent paid on 1st October, 2015 for the year to 30th September, 2016 was Rs. 1,200 and rent paid on 1st October, 2016 for the year to 30th September, 2017 was Rs. 1,600. Rent paid, as shown in the profit and loss account for the year ended 31st December 2016, would be:a)Rs. 1,200b)Rs. 1,600c)Rs. 1,300d)Rs. 1,500Correct answer is option 'C'. Can you explain this answer?
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Rent paid on 1st October, 2015 for the year to 30th September, 2016 was Rs. 1,200 and rent paid on 1st October, 2016 for the year to 30th September, 2017 was Rs. 1,600. Rent paid, as shown in the profit and loss account for the year ended 31st December 2016, would be:a)Rs. 1,200b)Rs. 1,600c)Rs. 1,300d)Rs. 1,500Correct answer is option 'C'. Can you explain this answer? 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, 2015 for the year to 30th September, 2016 was Rs. 1,200 and rent paid on 1st October, 2016 for the year to 30th September, 2017 was Rs. 1,600. Rent paid, as shown in the profit and loss account for the year ended 31st December 2016, would be:a)Rs. 1,200b)Rs. 1,600c)Rs. 1,300d)Rs. 1,500Correct answer is option 'C'. Can you explain this answer? 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, 2015 for the year to 30th September, 2016 was Rs. 1,200 and rent paid on 1st October, 2016 for the year to 30th September, 2017 was Rs. 1,600. Rent paid, as shown in the profit and loss account for the year ended 31st December 2016, would be:a)Rs. 1,200b)Rs. 1,600c)Rs. 1,300d)Rs. 1,500Correct answer is option 'C'. Can you explain this answer?.
Rent paid on 1st October, 2015 for the year to 30th September, 2016 was Rs. 1,200 and rent paid on 1st October, 2016 for the year to 30th September, 2017 was Rs. 1,600. Rent paid, as shown in the profit and loss account for the year ended 31st December 2016, would be:a)Rs. 1,200b)Rs. 1,600c)Rs. 1,300d)Rs. 1,500Correct answer is option 'C'. Can you explain this answer? 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, 2015 for the year to 30th September, 2016 was Rs. 1,200 and rent paid on 1st October, 2016 for the year to 30th September, 2017 was Rs. 1,600. Rent paid, as shown in the profit and loss account for the year ended 31st December 2016, would be:a)Rs. 1,200b)Rs. 1,600c)Rs. 1,300d)Rs. 1,500Correct answer is option 'C'. Can you explain this answer? 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, 2015 for the year to 30th September, 2016 was Rs. 1,200 and rent paid on 1st October, 2016 for the year to 30th September, 2017 was Rs. 1,600. Rent paid, as shown in the profit and loss account for the year ended 31st December 2016, would be:a)Rs. 1,200b)Rs. 1,600c)Rs. 1,300d)Rs. 1,500Correct answer is option 'C'. Can you explain this answer?.
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