interest received?

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beebee
beebee Registered Posts: 1 New contributor 🐸
in AAT Level 3 (Level 6 in Scotland)
Please can somebody put me put of my misery and tell me what you did with interest received on section 2 of today's exam paper.

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  • ccreaven
    ccreaven Registered Posts: 119 Dedicated contributor 🦉
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    beebee wrote: »
    Please can somebody put me put of my misery and tell me what you did with interest received on section 2 of today's exam paper.

    I put it as income on the p&l not sure if that was right?:001_smile:
  • Essexgal
    Essexgal Registered Posts: 42 Regular contributor ⭐
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    I put it as other income under gross profit not sure if thats right though
  • MOHMEDSALIM PATEL
    MOHMEDSALIM PATEL Registered Posts: 184 Dedicated contributor 🦉
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    Intrest Received

    I Believe You Talking About Section 2
    Intrest Received Is An Income Therefore It Should Be Added To Gross Profit.under Heading Other Income Before Other Expenses.
  • numberjunky
    numberjunky Registered Posts: 88 Regular contributor ⭐
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    Correct Mohmedsalim - Interest Received is an INCOME and should be added after Gross Profit figure.

    It's an easy thing to forget. I usually forget Discount Received - but I nailed it this time with Interest Rec. :thumbup1:
  • Primble
    Primble Registered Posts: 734 Epic contributor 🐘
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    I forgot

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