4. The following information is about Rose Company for the year ended 31 December 2020:
(i) The summary of receipts for management service fee is as follows:
Service period
Receipt date
$
1 October 2019 - 31 March 2020
27 September 2019
450,000
1 April 2020 - 30 September 2020
12 March 2020
381,000
1 October 2020 - 31 March 2021
23 September 2021
531,000
(ii) The summary of payments for rates is as follows:
Service period
Payment date
$
3 months to 28 February 2020
28 February 2020
33,424
3 months to 31 May 2020
31 May 2020
35,580
3 months to 31 August 2020
31 August 2020
35,580
3 months to 30 November 2020
30 November 2020
35,580
3 months to 28 February 2021
28 February 2021
35,580
From 1 February 2020, the monthly rate increased by 10%.
Required:
In the books of Rose Company, show the entries in the following accounts for the year ended 31
December 2020:
(a) the management service fee account; and
(b) the rates account.
(2 marks)
(2 marks)