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I just cannot seem to get my head around it – can anyone explain to me how to work it out in simple terms. I know it shouldn’t be so hard but I just can’t seem to get it correct.
Thanks in advance!
I find it very confusing also. You are unlikely to have to calculate it, normally they will give you the old balance and new balance and then you charge the difference to the Income Statement.
Try reading this link to help. There is a good illustrated example:
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