DFS Help please!
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Can anyone help me...Its my first lesson back and i've got homework that i'm stuck on!
I have a TB and some additons on the end.
In the TB i have 8% Debenture Loan CR £50k.
My additional information is that "Intrest on the debenture loan needs to be accrued for the whole year".
Does anyone know the additional enteries that i need to make in the TB in order to create income statements?
I have a TB and some additons on the end.
In the TB i have 8% Debenture Loan CR £50k.
My additional information is that "Intrest on the debenture loan needs to be accrued for the whole year".
Does anyone know the additional enteries that i need to make in the TB in order to create income statements?
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Comments
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Re:DFS Help please!
I think the entries would be
DR interest a/c (income statement) £4000
CR accruals (balance sheet) £4000
where 8% of £50000 = £4000
Hope this is right!
Jackie0 -
Re:DFS Help please!
Thank you so much
)
I know understand what its saying. Thanks for that, it wasn't explained in class.0