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On this question in regards to corporation tax computation the following is given. What should be the Interest Received figure and why?
Loan interest received
£
Loan interest receivable 32,800
Accrued at 1 April 2011 10,600
Accrued at 31 March 2012 (11,300)
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Loan interest received 32,100
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The loan was made for non-trading purposes.As per answer booklet, its £32,800. But why accrued figures are disregarded?
The accrued figures are NOT being disregarded, they are included within the interest receivable figure which is the figure you include within the CT computation. You should also be using a version of the exam that has been updated for FA 2013 – the ACCA website shows the original version which is now out of date though many issues of course remain the same.
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