Africa Cleaners (Not a registered VAT vendor) entered into a service contract w...
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Africa Cleaners (Not a registered VAT vendor) entered into a service contract with SA Builders. In terms of the contract SA Builders will pay a monthly fee of R23 450 from 1 May 2021 to 30 April 2022 for cleaning services of office buildings. On 28 February 2022 (end of financial year) and amount of R257 950 was recorded in the fees received account relating to the contract with SA Builders. The entry to adjust the fees received on 28 February 2022 will be:
Debit: Accrued income - R23 450
Credit: Fees received - R23 450
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