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Hi there
Could some one please tell me where they get the figure of 2.76 for the interest credit amount for working 8 – financial assets, its not making any sense to me?? Or even better if anyone knows where theres a better answer paper as the ACCA one is a nightmare to follow??
Thanks
It’s 6% – the effective rate of interest on the amortised cost brought forward of 46.01
6% x 46.01 = 27.6
If you now deduct the actual interest PAID calculated at 3% of the face value of the instrument, you then arrive at the additional finance cost to be included within the PorL
Better?
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