Recolonization of interest income

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396 Points Posted on 27 August 2018

HI!

When should we recognize interest income on loans in the books of accounts? Last day of the month to which interest belongs or 1st day of the month following the month to which interest belongs? e.g. if Interest belongs to April month option 1 on 30th April option 2 on 1st May.

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On 27 August 2018 at 19:17 Report
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Corporate Taxation
392 Points Posted on 28 August 2018

Last day of the Month.

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On 28 August 2018 at 11:30
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on accrual basis 

interest accrues daily....so in theory u can pass daily interest entries but that is not feasible and practical...so do that every month or so

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On 04 September 2018 at 15:28

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