Loan interest receivable 32800 accrued at 1 april 2013 10600 accrued at 31 march 2014 (11300) ———– loan interest received 32100
loan made for non-trading purposes
The question is to prepare a corrected version
N in some questions we would have taken the whole amount n calculated but in this sum only 32800 is taken . what are the rules regarding this interest receivable ?
10600 is related to 2012-13. Loan intrest received 32100 includes intrest of 10600. which relates to 2012-13. Therefore what we received for 2013-14 is 21500 (32100-10600). Intrest related to 2013-14 is 32800 (21500+11300)