Problem Statement

Prepaid Consultancy Fee at a 31 December Balance Sheet Date Anja has a December financial year-end. Her contract with her tax consultant runs from 1 April to 31 March and is paid up front. For the year ending 31 March 2023 the tax consultant has charged her 48,000. How much of this amount is shown as a prepaid item in the balance sheet as at 31 December 2022?