• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

ACCA Options: NEW MOCKS, debrief videos and "Read the Mind". Learn more >>

20% off BPP Books for ACCA & CIMA exams - Get BPP Discount Code >>

question

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › question

  • This topic has 5 replies, 2 voices, and was last updated 2 months ago by Tax Tutor.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • June 3, 2022 at 8:55 am #657205
    xyzc
    • Topics: 262
    • Replies: 71
    • ☆☆☆

    The interest payable of 7000 is in respect of the company’s 4% loan notes which were issued on 1 july 2021. Interest of 6000 was paid on 31 december 2021 with an accrual of 1000 provided ffor at 31 january 2022. The loan notes were issued in order to finance the company’s trading activities.
    I think the interest payable or finance costs have been calculated by adding 6000 and 1000 but I don’t understand why these two have been added

    June 3, 2022 at 10:46 am #657230
    Tax Tutor
    • Topics: 2
    • Replies: 3960
    • ☆☆☆☆☆

    Once again this is a basic accounting point – the accruals system is something you should already understand and if you do not then you must go back to your basic accounting study notes!

    June 3, 2022 at 7:03 pm #657285
    xyzc
    • Topics: 262
    • Replies: 71
    • ☆☆☆

    I do not have basic accounting study notes, so I asked it here

    June 4, 2022 at 2:25 pm #657353
    Tax Tutor
    • Topics: 2
    • Replies: 3960
    • ☆☆☆☆☆

    Did you pass the Financial Accounting exam?

    June 5, 2022 at 2:38 pm #657443
    xyzc
    • Topics: 262
    • Replies: 71
    • ☆☆☆

    Yes

    June 6, 2022 at 1:10 pm #657523
    Tax Tutor
    • Topics: 2
    • Replies: 3960
    • ☆☆☆☆☆

    In which case you should know how to use the basic accruals concept and if you cannot remember then refer to the FA notes and lectures which are available to you on this site.

  • Author
    Posts
Viewing 6 posts - 1 through 6 (of 6 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

ACCA News:

ACCA Introducing professional skills into the Options exams

ACCA Professional Skills Webinar – Register now

Donate

If you have benefited from OpenTuition please donate.

Specially for OpenTuition students

20% off BPP Books

Get BPP Discount Code

Latest comments

  • TANYASHARMA29 on Investment Appraisal – NPV, IRR – ACCA Management Accounting (MA)
  • belatris16 on The Final Audit – the Assertions Revisited – ACCA Audit and Assurance (AA)
  • sashafarah on Accounting Conventions and Policies – ACCA Financial Accounting (FA) lectures
  • John Moffat on Objectives of organisations – ACCA (AFM) lectures
  • jcas on LW English Chapter 5 Questions Common Law

Copyright © 2022 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in


We use cookies to show you relevant advertising, find out more: Privacy Policy · Cookie Policy