Answer to Question #153510 in Accounting for nhlaphu

Question

Mist (Pty) Ltd is a company with a reporting period of 30 June. Currently the company’s accountant is preparing the financial statements for the year ending 30 June 2019.

Mist (Pty) Ltd operates from a building it is leasing from a property developer. Mist (Pty) Ltd occupied the building on 1 July 2016 and pays monthly rental. The monthly rentals as from 1 July 2017 are R14 000 and there is an 10% annual increase. The lease agreement is for four years.

REQUIRED

1.1      Provide the necessary journal entries for the reporting of 30 June 2019. 

Answer 1

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