The annual rent charge for a business is £6,000. This is paid in equal installments every three months (ie £1,500 a quarter). Payments are made on 30 June, 30 September, 31 December and 31 March. However, the payment due on 31 December 2014 was not paid until 12 January 2015. If the business has drawn up its income statement for the year ended 31 December 2014, the ledger account for Rent will appear as follows:
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2014 |
£ |
2014 |
£ |
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31-Mar |
Bank |
1,500 |
31-Dec |
Income statement |
6,000 |
|
30-Jun |
Bank |
1,500 |
|||
|
30-Sep |
Bank |
1,500 |
|||
|
31-Dec |
Balance c/d |
1,500 |
|||
|
6,000 |
6,000 |
||||
|
2015 |
|||||
|
1-Jan |
Balance b/d |
1,500 |
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