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April 22, 2019 at 11:15 am
Will the income of $8638 appear on the debit side of Income accrued a/c (immidiately) and interest income on the Interest receivable a/c (gradually) on SFP and will both stay there untill the customer pays what he owes in 3-years time?
July 14, 2020 at 6:45 pm
I see entries as: Dr Loan to customer (SFP) $8,638 Cr Revenue (SPL) $8,638
Then each year (let’s say car was sold on Jan 1) we accrue finance component, it would be: Dr Loan to customer (SFP) $457 (=$1,372/3, over contract term) Cr Interest income (SPL) $457
When customer pays: Dr Bank Cr Loan to customer
July 19, 2020 at 12:11 pm
November 9, 2018 at 7:53 am
5% is 0.05 so add 1=1.05.Then there is a sign that looks like a v facing down on your cal.Now type 1.05 on your cal then press that sign then 3 it will give you 1.157625.Now divide 10000 with the ans.
November 4, 2018 at 5:06 pm
The lectures are great, thanks so much for providing them.
Would it be possible for you to tell me the calculator procedure for the below;
I have searched and searched me MA notes and for the life of me I cannot remember howto do this. I presume we will not be given the tables for this exam and it has come up twice already in this topic.
April 28, 2019 at 8:55 am
its not 10000/(1.05)3 but its 1/(1.05)3 which is 0.863838 then multiply this by 10000 you then get $8638. I know its late but I believe others might be in the same predicament as well.
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