what is sundry payable

1 ANSWERS

1. Guest9899
   

   Here is an example of Sundry payable.
   
   A company has a sublet part of its offices and in the year ended 30 November 20X3 the rent receivable was:
   
   Until 30 JUne 20X3  8400 per year
   From 1 July 20X3   12000 per year
   
   Rent was paid quaterly in advanced on 1 jan, april, july, oct each year.
   
   What amounts should apear in the compnays financial statements for the year ended 30 Novemeber 20X3?
   
   Answer: 9,900 (Rent Rec) and 1,000 in Sundry Payables.
   
   In December the Receivable paid in advance 1,000 (rent recieved in advanced becomes a Sundry Payable) as we still owe the office to the recievable for another month. So it is now that we owe the receivable) That is a Sundry Payable.
   
   Hope this helps you! ;)

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