Can you please advise on where the interest paid and interest received should be recorded? Should they be recorded after PBIT in the P&L statement?
J
Jenisha·
they should be recorded after PBIT in P/L statement.
N
Ngonidzashe·
Is it possible to get practice questions where we actually prepare financial statements
P
P2-D2Tutor·
Yes, you can find them in the revision kits that you are recommended to purchase.
J
Jasmina·
sir, can u please explain the answer of Q;1?
R
rebescosco·
Good day sir,
The first option in question one stated that the liability occured during the accounting period,so I thought it would be classified as a current liability.
But from the answer it is stating otherwise, please kindly explain further sir..thank you sir
S
Shitize·
The liability has arised during the current accounting period just ended. It is not stated that it is current liability or non-current liability. The question asks "not necessarilty" lead to rise in current liability.
The first option in question one stated that the liability occured during the accounting period,so I thought it would be classified as a current liability.
But from the answer it is stating otherwise, please kindly explain further sir..thank you sir