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Financial accounting question

CocoSoft25 · 2017-03-01 11:15:48

Just a Financial Accounting question, A payment was meant to be made in January for €6000 that was for a period of 6 months. However the January accrual was omitted. Will the February accrual be €2000 And the prepayment will be €4000?

01-03-2017 11:15am

#1

CocoSoft25

Closed Accounts Posts: 21 ✭

Join Date: November 2016

Posts: 15

Just a Financial Accounting question,

A payment was meant to be made in January for €6000 that was for a period of 6 months. However the January accrual was omitted.
Will the February accrual be €2000
And the prepayment will be €4000?

0

Comments

#2 01-03-2017 1:14pm

Lockedout2

Registered Users, Registered Users 2 Posts: 402 ✭✭

Join Date: March 2016

Posts: 401

It's either a prepayment or an accrual!

So if you paid €6,000 on Feb for 6 months from Jan 1 then your prepayment is €4,000 at the end of Feb.

0
#3 01-03-2017 1:38pm

CocoSoft25

Closed Accounts Posts: 21 ✭

Join Date: November 2016

Posts: 15

Yeah that seems to be where I went wrong...!

0