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The interest is payable in respect of the company’s 5% loan notes which were repaid on 31 july 2021. Interest of 9600 was paid on 31 july 2020, and an accrual of 3200 had been provided for at 1 April 2021. The loan notes were issued in order to finance the company’s trading activities.
What is the amount of interest payable for the year ended 31 march 2022
How has this figure been calculated
Once again the basic accruals concept you should know from your accounting studies and you have not shown me the figure that is given in the answer that you do not understand
A nil adjustment has been done for this but I do not understand how the interest payable would be calculated