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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › a/cs receivable
Hallo
In the following example, shouldn’t we credit A/R with 2200 instead of 2000, why is it 2000:
On February 1, 2012, Sanger Corp. lends cash and accepts a $2,000 note receivable that offers 10% interest and is due in six months. What would Sanger record on August 1, 2012, when the borrower pays Sanger the correct amount owed?
Cash 2,100
Interest Revenue 100/Notes Receivable 2,000
Interest revenue = $2,000 x 10% x 6/12 = $100
Thank you!
Again – this cannot be asked in Paper F3. It is not in the syllabus.
You will have to stop asking these questions – sorry.