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Question asks for financial statemnt extract at 31/12/2002. Why is it showing short term liability as 1178? It is payable durring the 2002, balance out standing at 31/12/2002 is 9744, so the short term – withing 1 year should it not be the next capital payment 1287 and long term anything outstanding on 31/12/2003?
The amount of $2,004 payable on 1 January, 2003 includes the $826 interest accrued through 2002 but not yet paid.
Therefore the capital element of the installment payable during 2003 (in fact, payable “tomorrow”) is $2,004 less that interest of $826 = $1,178
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