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Can someone please explain how the loan interest is calculated – working 2. I don’t understand what the 3 amounts show. Would you not include the accrued interest received……? Thanks
I don’t have a copy of the question with me but the way your question is worded suggests that you have misunderstood the bases of assessment for interest income. If you are dealing with an income tax computation then an individual is assessed on interest received in the tax year, whereas a company is assessed on the interest receivable in the accounting period.
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