Oriel Ltd whose financial year runs from 1 June to #8197

Oriel Ltd, whose financial year runs from 1 June to the following 31 May, maintains a combined
rent and rates account in its ledger.Rent is fixed on a calendar year basis and is payable
quarterly in advance. Rent was £2,400 for the year ended 31 December 20X2 and is £3,000 for
the year ending 31 December 20X3.Rates are assessed annually for the year from 1 April to the
following 31 March and are payable in one lump sum by 30 September. The rates assessment
was £2,040 for the year ended 31 March 20X3 and £2,280 for the year ending 31 March
20X4.Oriel Ltd paid the rates for the year ended 31 March 20X3 by cheque on 30 September
20X2 and intends to pay the rates for the year ended 31 March 20X4 on 30 September
20X3.Requireda. Prepare the rent and rates account for the year ended 31 May 20X3 only as it
would appear in the ledger of Oriel Ltd.b. Explain with particular reference to your answer to (a)
the meaning of the term 'matching'.View Solution:
Oriel Ltd whose financial year runs from 1 June to

ANSWER
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