The year end of ABC Co is 30 November 20X0. The company pays for its gas by a standing order of $2,400 per month. On 1 December 20W9, the statement from the gas supplier showed that ABC Co had overpaid by $800. ABC Co received gas bills for the four quarters commencing on 1 December 20W9 and ending on 30 November 20X0 for $5,200, $5,600, $8,400 and $8,000 respectively.
What is the correct charge for gas in ABC’s statement of profit or loss for the year ended 30 November 20X0?
Answer
| GAS SUPPLIER ACCOUNT | ||||
| $ | $ | |||
| Balance b/fwd | 800 | |||
| Bank $2,400 x 12 | 28,800 | 28-Feb | invoice | 5,200 |
| 31-May | invoice | 5,600 | ||
| 31-Aug | invoice | 8,400 | ||
| 30-Nov | invoice | 8,000 | ||
| 30-Nov | bal. c/d | 2,400 | ||
| 29,600 | 29,600 | |||
| GAS ACCOUNT | |||||
| $ | $ | ||||
| 28-Feb | invoice | 5,200 | |||
| 31-May | invoice | 5,600 | |||
| 31-Aug | invoice | 8,400 | |||
| 30-Nov | invoice | 8,000 | 30-Nov | SPL | 27,200 |
| 27,200 | 27,200 | ||||