Loan interest received
Loan interest receivable 32800
Accrued at 1 April 2021 10600
Accrued at 31 march 2022 (11300)
Loan interest received 32100
This is for the year ended 31 march 2022
Why have 32800 and 10600 been added and 11300 been deducted. to arrive at loan interest received
Also are loan interest received and loan interest receivable the same thing. what is the difference.
Also which figure loan interest received or loan interest receivable included on a company’s balance sheet.
Also which figures will be added and subtracted to arrive at loan interest receivable and why
Ask the Tutor ACCA FA
question
4y ago#1The words are used for the same thing.
In the SOFP (we stopped calling it the Balance Sheet many years ago) we show the interest still owing at the year end.
In the SOPL we show the total interest earned during the year.
I suggest that you watch my free lectures on accruals and prepayments. The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.
Why have 32800 and 10600 been added and 11300 been deducted. to arrive at loan interest received
3y ago#3It is the normal way we deal with accruals and prepayments!
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