A business arranges insurance for a vehicle purchased on 1 October 2016. The charge for insurance of £1,000 is to cover a six-month period starting on 1 October. Given, with a financial year-end following the calendar year, that half of this charge belongs to the next financial year, the account for insurance would appear as follows:
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2016 |
£ |
2016 |
£ |
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1 Oct |
Bank |
1,000 |
31 Dec |
Income statement |
500 |
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31 Dec |
Balance c/d |
500 |
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1,000 |
1,000 |
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2017 |
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1 Jan |
Balance b/d |
500 |
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