DFS Help please!

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:26AM in AAT student discussion
Can anyone help me...Its my first lesson back and i've got homework that i'm stuck on!

I have a TB and some additons on the end.

In the TB i have 8% Debenture Loan CR £50k.

My additional information is that "Intrest on the debenture loan needs to be accrued for the whole year".

Does anyone know the additional enteries that i need to make in the TB in order to create income statements?

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DFS Help please!

    I think the entries would be

    DR interest a/c (income statement) £4000
    CR accruals (balance sheet) £4000

    where 8% of £50000 = £4000

    Hope this is right!
    Jackie
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:DFS Help please!

    Thank you so much :o)

    I know understand what its saying. Thanks for that, it wasn't explained in class.

Categories

Privacy Policy