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Hello,
Sorry- another post about the revision kit.
I know someone had commented that question 15 seems to be wrong, but I think i'm also finding other errors.
Please correct me if i'm wrong
Q24
There is a 10% Debenture loan on the TB showing a CR value of £500,000
The additional information states that 'Debenture interest has NOT been paid during the year'
Thus, on a balance sheet a current liability of 50,000 should be shown!? Right!?
However, on the Balance sheet in the answers section... there is no entry for the outstanding interest on the loan... anywhere!
Am I missing something?! The charge for the year shows a reduction in profit, but as it is still outstanding, shouldn't be be on the balance sheet under 'current liabilities'
Has anyone else noticed any other problems? I'm getting a bit worried as I am scared i'm learning how to do things incorrectly!
Also, (Typically) I can't find them now, but there's been questions where there's been a 'Discount allowed' balance on the trial balance, but they have not been represented in the P&L account in the answers on some questions, and on others they have!
Just a bit confused now! x
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