interest received?
beebee
Registered Posts: 1 New contributor 🐸
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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Comments
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I put it as other income under gross profit not sure if thats right though0
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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.0 -
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. :thumbup1:0 -
I forgot0
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