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Chapter 12

Example 3

A business entity earns bank interest income of $300 per month. During the
year ended 31 December 20X6, bank interest of $3,000 has been received.

Required:

Calculate the bank interest income earned for the year ended 31
December 20X6 and the amount of accrued income to include in the
statement of financial position at 31 December 20X6.

Example 3: Solution

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