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Hi guys,
I am doing Q1 Revised and it say that “Joe was provied with free loan of £120000 on 1st May2012. He repaid £50000 on 31 July 12 andpaid the balance of £70000 when he ceased employment with company on 31st Dec 12.
To calculate the benefit using the average method the answer is (120000+70000)/2
My question is why 70000 not 0 as at the end of his employment the balance outstanding is 0 not 70000?
thanks for your help.Beata
His balance was 0 when he left the employment however he enjoyed the benefit of the £70,000 free loan up to the moment he left the employment
Where does one get the revised questions from??
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