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Accurals

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Accurals

  • This topic has 5 replies, 2 voices, and was last updated 2 months ago by John Moffat.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • May 22, 2022 at 2:52 pm #656188
    dhruvakedia
    • Topics: 3
    • Replies: 7
    • ☆

    A company has taken a loan of 360,000 on 1 may 20X6 at the rate of 10% p.a . The interest is payable every six month in arrear. Calculate the accrued interest for the year ended 30 April 20X6??

    Sir my ans is coming
    360,000×10%×2/12 = 6000
    But it is wrong sir can you calculate the right ans?

    May 22, 2022 at 4:38 pm #656199
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 49921
    • ☆☆☆☆☆

    Two things.

    Firstly interest isn’t accrued for the year – it is accrued at the end of the year.

    Secondly however, I think you must have your dates wrong. Given that they did not take out the loan until 1 May 20X6, there is no accrued interest at 30 April 20X6 (because there was no loan as at that date!!!).

    May 23, 2022 at 5:00 am #656226
    dhruvakedia
    • Topics: 3
    • Replies: 7
    • ☆

    Sorry sir my mistake it was the loan was taken on 1 March 20X6

    May 23, 2022 at 8:36 am #656238
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 49921
    • ☆☆☆☆☆

    If you have now copied the question correctly, then the accrued interest is indeed $6,000.

    If this is a question from the current edition of the BPP Revision Kit then tell me the number of the question and I will check.

    May 23, 2022 at 9:35 am #656244
    dhruvakedia
    • Topics: 3
    • Replies: 7
    • ☆

    No sir it is from a different book

    May 23, 2022 at 8:06 pm #656274
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 49921
    • ☆☆☆☆☆

    In that case it seems as though your book has made a mistake if their answer is different!!

    Best always is to use a Revision Kit from one of the ACCA Approved Publishers (BPP or Kaplan).

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