Interest on Capital - Dan

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:30AM in AAT student discussion
Does anyone know for sure what this amout should have been £500 or £750?

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Interest on Capital - Dan

    Why £750? I put £500
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Interest on Capital - Dan

    If I remember correctly, the paper stated that interest was calculated on opening balances, at 3% PER ANNUM, therefore £500 for Dan (750*12/8)<BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Interest on Capital - Dan

    All he had to do was work for another 4 months and he would have saved us so much hastle, plus he would have got an extra £1,000 as well.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Interest on Capital - Dan

    I meant 4 honest i'm just in a confused state.....
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Interest on Capital - Dan

    Yes I agree how inconsiderate retiring 3 months before year end.......does he not realise how confusing this makes things!!!!<BR><BR>: )
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Interest on Capital - Dan

    Yes I agree,<BR><BR>I mean Im taking a calculated guess at saying he is 40 years old....who does he think he is retiring half way through a year at 40 and causing all this mess, he's havin it ha ha
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Interest on Capital - Dan

    If I fail I'm gonna blame Dan for causing all this hastle :-)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Interest on Capital - Dan

    I put 20k for salary....2 thirds of 30k
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Interest on Capital - Dan

    tis indeed, they are always trying to trip us up and its not fair....its not exactly encouraging for those aspiring accountants....hardly
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Interest on Capital - Dan

    well thats just mean
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Interest on Capital - Dan

    as it said to calculate the 3% on the "capital balances at the start of the year" and they all started with £25k, hence £750 each<BR><BR>I think this question has caused alot of concern with every1
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Interest on Capital - Dan

    Are you as sure as can be?<BR>That's what i put but now I'm reading messages and getting confused.<BR>What you put for salary?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Interest on Capital - Dan

    750
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Interest on Capital - Dan

    750 i put it did say % at beginning of year on capital held
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Interest on Capital - Dan

    Hi Obiwan!<BR><BR>Are you sure it said PER ANNUM? I hope so!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Interest on Capital - Dan

    I read it as 3% on Capital balances at the start of the year, as opposed to their Capital balances at the end of year, but still thought it had to be apportioned over the year!<BR><BR>Confused or what?<BR><BR>;-)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Interest on Capital - Dan

    Im sure interest on capital 500.<BR>salary 20000.<BR>dont confused.<BR>i hope all will pass. Relax<BR>

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