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Weston

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Weston

  • This topic has 5 replies, 2 voices, and was last updated 7 years ago by P2-D2.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • August 20, 2017 at 2:08 pm #402632
    Chandan
    Member
    • Topics: 24
    • Replies: 36
    • ☆☆

    Hi sir

    Hope you’re doing well

    I’ve a query with regards to the past paper question ‘Weston’ that you’ve made a video on.

    Why hasn’t the interest income of 8% on $20m been deducted from cashflow statement in cashflow from operating activities?

    August 20, 2017 at 5:46 pm #402689
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7172
    • ☆☆☆☆☆

    Hi,

    All good thanks.

    Where do those numbers come from? I will only have adjusted for the numbers in the statement of profit or loss.

    Thanks

    August 20, 2017 at 5:48 pm #402690
    Chandan
    Member
    • Topics: 24
    • Replies: 36
    • ☆☆

    Yeah but won’t we take the 8% to interest income in the p&l?

    Dr financial asset
    Cr interest income

    August 20, 2017 at 5:52 pm #402695
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7172
    • ☆☆☆☆☆

    Yes, but has it already been included in the accounts?

    August 20, 2017 at 5:56 pm #402697
    Chandan
    Member
    • Topics: 24
    • Replies: 36
    • ☆☆

    There’s no specific heading ‘interest income’ in the statement of p&l but I feel it’s under other income?

    August 21, 2017 at 5:33 pm #402807
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7172
    • ☆☆☆☆☆

    It specifically says the interest has been correctly recorded in the consolidated financial statements, so there is no reason to adjust it or guess where it may be.

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