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July 18, 2022 at 6:38 am #660966
xyzc
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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

Why have 32800 and 10600 been added and 11300 been deducted. to arrive at loan interest received

This question is from the earlier post but I was unable to post question there so I am posting it here.
The question is that what is the logic behind adding 32800 and 10600 and deducting 11300
July 18, 2022 at 9:00 am #661014
John Moffat
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32,800 is the cash received this year.

At the beginning of the year they accrued 10,600 because it was interest received last year but related to this year, so it needs adding on to get the total interest earned for this year.

At the end of the year they accrued 11,300 because it is interest received this year but related to next year. So it needs subtracting to get the interest earned this year.

I have told you before that you must not head up posts with just ‘question’ but that you must head up with whatever topic you are asking about.
July 20, 2022 at 8:57 am #661398
xyzc
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Why is 32800 the amount of cash received this year. I think 32100 is the cash received this year because it is loan interest received and 32800 is the amount that relates to this year
July 20, 2022 at 5:23 pm #661463
John Moffat
Keymaster
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It is because (as I explained in one of my previous replies to you) the terms interest receivable and interest received are both used to mean the same thing.
July 21, 2022 at 3:29 pm #661570
xyzc
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If interest receivable and interest received mean the same thing then why the figures for interest receivable and interest received different
July 22, 2022 at 6:33 am #661611
John Moffat
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It depends on whether you are required to state the amount earned in the SOPL or the amount still owing in the SOFP.
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