sorry but i am also bit confused with the accrued interest figure. Doesnt the fact that the question states that the first payment was due on 30 sep 2011 mean that we should charge 4 months as accrued interest ? Or do we always calculate the interest for the whole year? ( thats what the 80 figure stands for)
Could you please also explain to me the reason why we dont add the 1 m stock in the cost of sales in the income statement?
thanks a lot in advance !
Last edited by a moderator: Apr 10, 2013