At 1 November 2018, Sora Limited had interest receivable of £74. The statement of profit or loss for the year to 31 October 2019 presents a figure of £735 for interest receivable (finance income). At 31 October 2019, Sora Limited had accrued interest receivable of £61 owing to the company. Based on these figures, what interest received figure will be disclosed by Sora Limited for interest received in its statement of cash flows for the financial year ended 31 October 2019?

Question

Quizplus · Accepted Answer

The interest received figure is calculated as follows: Opening interest receivable (£74) + Interest receivable during the year (£735) - Closing interest receivable (£61) = £748.

At 1 November 2018, Sora Limited Had Interest Receivable of £74