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John Moffat.
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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Control account
Hello sir
Why does interest charged on overdue accounts found in receivables control account was it not supposed to be found in payables control account?
I did a question in bpp and had to correct errors and interest charged on overdue accounts was found on the credit side
The correct entry was to debit it
It depends whether it is interest the company is charging on overdue receivables, or whether it is interest the company is being charged on overdue payables.