I am stuck here.
The question has this information
In the Trial Balance as at 30/06/x7 I have the loan amount of 10,000 and Loan interest paid of 300.
In the additional information it says Loan taken out on 1/7/x6
The solution page gives the following
Charge for the year 10,000x6% = 600
Amount paid as per trial balance = 300
Accrual required = 300
Hence finance costs have been considered as 600 and interest accrual as 300
I don't understand how the 6% is calculated??
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Calculating the percentage of loan interest
There must be more information in the question other than what you have typed (either the rate of interest, or details of when interest is paid on the loan).
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