DFS June 2007 paper
Tinkerbell007
Registered Posts: 64 Regular contributor ⭐
Hope someone can help - my brain is overloaded!
On the DFS June 2007 paper - question 1.2b - drafting the balance sheet - in the current liabilities section they have only included six months of interest charges (£490)- there is already six months of charges in the TB and then a further six months is asked for in question 1.1 (journals) - why is only six months included in the balance sheet?! Should the total of £980 not be included??!!
On the DFS June 2007 paper - question 1.2b - drafting the balance sheet - in the current liabilities section they have only included six months of interest charges (£490)- there is already six months of charges in the TB and then a further six months is asked for in question 1.1 (journals) - why is only six months included in the balance sheet?! Should the total of £980 not be included??!!
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Comments
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in the first question did you have to adjust the interest? on the ETB or jornals?0
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In the first part of the question six months interest of £490 was included in the TB but six months were not (so another £490 to be included and a journal is done accordingly in question 101) - £980 for finance costs is included in the income statement but I can't get my head round why only half is in the SFP?!
So not looking forward to Thursday!!0 -
in that case you just bring forward the figure its telling you the figures have been ommited from the accounts and they need adjusting0
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I think half is added into the SOFP on the trade and other payables line as it's like an accrual.0
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Thank for your help! Makes sense now!! Hope revision is going well for you both!0
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