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A firm records all transactions relating to the expense rates in 2018. On 1 ...
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A firm records all transactions relating to the expense rates in 2018.
On 1 January 2018 there was a prepayment of £600 in respect of rates. On 31 December 2018 there was rates prepaid of £700. During the year £3,100 was paid in respect of rates.
The total expense for rates for the year appearing the statement of profit or loss was:
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