DFS - Interest

BGTech Registered Posts: 2 New contributor 🐸
Does anyone know why when dealing with unpaid interest charges the jounal is

DR interest X
CR interest payable X

But then interest payable does not show up again and we end up using accruals anyway?


  • lala2009
    lala2009 Registered Posts: 95 💫 🐯 💫

    It's because interest payable goes under the heading of trade and other payables as does accruals :) You just need to show in your workings that you have grouped them all together under the one heading. Good luck in the exam, not long now! :)
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