I have problem in calculating interest income for non trade loans. In some answers in the revision kit, I have seen they take the value of interest receivable only, while in others they also adjust the opening and closing accruals.
We always use the loan interest RECEIVABLE in the chargeable accounting period of the company BUT sometimes you have to calculate this figure for yourself – where the question would give you opening and closing accrued amounts and the amount RECEIVED in the period