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19.8 Recording Accrued Revenue
1.
19.8 RECORDING ACCRUED REVENUE
2.
© Michael Allison,
Trinity Grammar School. Author’s permission required for external use A small business invested $10,000 in a term deposit earning 12% interest for 1 year… Investment begins on 1 January 2015 Interest will be paid on maturity on 31 December 2015 The firm’s reporting period ends on 30 June each year. 19.8 RECORDING ACCRUED REVENUE 1 Jan 31 Dec 1 January $10,000 invested @ 12% interest 30 June Balance-day 31 December Interest received on investment 30 Jun
3.
© Michael Allison,
Trinity Grammar School. Author’s permission required for external use The amount of interest earned is… Investment = $10,000 Interest rate 12% = $1,200 /12 = $100 per month 1 Jan 31 Dec30 Jun 100 100 100 100 100 100 100 100 100 100 100 100 1 January $10,000 invested @ 12% interest 30 June Balance-day 31 December Interest received on investment 19.8 RECORDING ACCRUED REVENUE J F M A M J J A S O N D
4.
© Michael Allison,
Trinity Grammar School. Author’s permission required for external use By the end of the reporting period the firm has earned $600 in interest But the interest will not be received until 31 December 1 Jan 31 Dec30 Jun 100 100 100 100 100 100 30 June Balance-day 31 December Interest received on investment Should the business record the $600 as Revenue for the current period? YES 19.8 RECORDING ACCRUED REVENUE 1 January $10,000 invested @ 12% interest J F M A M J J A S O N D
5.
© Michael Allison,
Trinity Grammar School. Author’s permission required for external use The $600 interest earned must be recognised as two things: This is an Asset because: • The firm has a resource which it controls (the interest it will receive) • Arising from a past event (the funds were invested) • The firm will receive future economic benefits (in the form of $600 cash) This is Revenue because: • There is an inflow of economic benefits (the interest has been earned) • There is an increase in Assets (Accrued Interest Revenue) • There is an increase in Owner’s Equity Accrued Interest Revenue Interest Revenue 19.8 RECORDING ACCRUED REVENUE ASSET REVENUE
6.
© Michael Allison,
Trinity Grammar School. Author’s permission required for external use 19.8 RECORDING ACCRUED REVENUE 1 Jan 31 Dec30 Jun 100 100 100 100 100 100 30 June Balance-day 31 December Interest received on investment 1 January $10,000 invested @ 12% interest Accrued Interest Revenue [A] Interest Revenue [R] General Journal Date Details General Ledger Subsidiary Ledger Debit Credit Debit Credit 30 Jun Accrued interest revenue 600 Interest revenue 600 J F M A M J J A S O N D General Journal Date Details General Ledger Subsidiary Ledger Debit Credit Debit Credit 30 Jun Accrued interest revenue 600 Interest revenue 600 Accrued Interest Revenue [A] 30/6 Interest revenue 600 General Journal Date Details General Ledger Subsidiary Ledger Debit Credit Debit Credit 30 Jun Accrued interest revenue 600 Interest revenue 600 Interest Revenue [R] 30/6 Accrued interest rev. 600
7.
© Michael Allison,
Trinity Grammar School. Author’s permission required for external use At the end of the year on 31 December, the firm will receive $1,200 of interest made up of: Jan – Jun: the firm will receive $600 of Accrued Interest Jul - Dec: the firm will receive $600 of Interest Revenue RECORDING ACCRUED REVENUE 1 Jan 31 Dec30 Jun 100 100 100 100 100 100 100 100 100 100 100 100 31 December Interest received on investment 30 June Balance-day 1 January $10,000 invested @ 12% interest Accrued Interest from last period Interest Revenue from this period $1,200 interest received J F M A M J J A S O N D
8.
© Michael Allison,
Trinity Grammar School. Author’s permission required for external use Cash Receipts Journal Date Details Receipt No. Bank Debtors Control Cost of Sales Sales Sundries GST 31 Dec Accrued Interest Revenue XYZ 1200 600 Interest Revenue 600 Entered in the Cash Receipts Journal: RECORDING ACCRUED REVENUE 1 Jan 31 Dec30 Jun 100 100 100 100 100 100 100 100 100 100 100 100 30 June Balance-day 31 December Interest received on investment Cash Receipts Journal Date Details Receipt No. Bank Debtors Control Cost of Sales Sales Sundries GST 31 Dec XYZ Cash Receipts Journal Date Details Receipt No. Bank Debtors Control Cost of Sales Sales Sundries GST 31 Dec XYZ 1200 Cash Receipts Journal Date Details Receipt No. Bank Debtors Control Cost of Sales Sales Sundries GST 31 Dec Accrued Interest Revenue XYZ 1200 Cash Receipts Journal Date Details Receipt No. Bank Debtors Control Cost of Sales Sales Sundries GST 31 Dec Accrued Interest Revenue XYZ 1200 600 100 100 100 100 100 100 Cash Receipts Journal Date Details Receipt No. Bank Debtors Control Cost of Sales Sales Sundries GST 31 Dec Accrued Interest Revenue XYZ 1200 600 Interest Revenue Cash Receipts Journal Date Details Receipt No. Bank Debtors Control Cost of Sales Sales Sundries GST 31 Dec Accrued Interest Revenue XYZ 1200 600 Interest Revenue 600 100 100 100 100 100 100 1 January $10,000 invested @ 12% interest J F M A M J J A S O N D
9.
© Michael Allison,
Trinity Grammar School. Author’s permission required for external use Cash Receipts Journal Date Details Receipt No. Bank Debtors Control Cost of Sales Sales Sundries GST 31 Dec Accrued Interest Revenue XYZ 600 600 Interest Revenue 600 600 Cash Receipts Journal Date Details Receipt No. Bank Debtors Control Cost of Sales Sales Sundries GST 31 Dec Accrued Interest Revenue XYZ 1200 600 Interest Revenue 600 RECORDING ACCRUED REVENUE
10.
© Michael Allison,
Trinity Grammar School. Author’s permission required for external use RECORDING ACCRUED REVENUE Cash Receipts Journal Date Details Receipt No. Bank Debtors Control Cost of Sales Sales Sundries GST 31 Dec Accrued Interest Revenue XYZ 1200 600 Interest Revenue 600 Accrued Interest Revenue [A] 1/7 Balance 600 31/12 Cash 600 Interest Revenue [R] 31/12 Cash 600 Cash [A] 31/12 Accrued int./Interest rev. 1200 Cash Receipts Journal Date Details Receipt No. Bank Debtors Control Cost of Sales Sales Sundries GST 31 Dec Accrued Interest Revenue XYZ 1200 600 Interest Revenue 600 Cash [A] 31/12 Accrued int./Interest rev. 1200 Cash Receipts Journal Date Details Receipt No. Bank Debtors Control Cost of Sales Sales Sundries GST 31 Dec Accrued Interest Revenue XYZ 1200 600 Interest Revenue 600 Accrued Interest Revenue [A] 1/7 Balance 600 31/12 Cash 600 Accrued Interest Revenue [A] 1/7 Balance 600 31/12 Cash 600 600 600 Cash Receipts Journal Date Details Receipt No. Bank Debtors Control Cost of Sales Sales Sundries GST 31 Dec Accrued Interest Revenue XYZ 1200 600 Interest Revenue 600 Interest Revenue [R] 31/12 Cash 600
11.
© Michael Allison,
Trinity Grammar School. Author’s permission required for external use In addition to the $1,200 interest, at the end of the investment the firm may also get back its investment of $10,000 RECORDING ACCRUED REVENUE 1 Jan 31 Dec30 Jun 100 100 100 100 100 100 100 100 100 100 100 100 $1,200 interest received $10,000 investment J F M A M J J A S O N D Cash Receipts Journal Date Details Rec. No. Bank Debtors Control Sales Sundries GST 31 Dec Investment XYZ 11200 10000 Accrued Interest Revenue 600 Interest Revenue 600 Cash Receipts Journal Date Details Rec. No. Bank Debtors Control Sales Sundries GST 31 Dec Investment XYZ 11200 10000 Accrued Interest Revenue 600 Interest Revenue 600 Cash Receipts Journal Date Details Rec. No. Bank Debtors Control Sales Sundries GST 31 Dec Investment XYZ 11200 10000 Accrued Interest Revenue 600 Interest Revenue 600 Cash Receipts Journal Date Details Rec. No. Bank Debtors Control Sales Sundries GST 31 Dec Investment XYZ 11200 10000 Accrued Interest Revenue 600 Interest Revenue 600 Cash Receipts Journal Date Details Rec. No. Bank Debtors Control Sales Sundries GST 31 Dec Investment XYZ 11200 10000 Accrued Interest Revenue 600 Interest Revenue 600
12.
© Michael Allison,
Trinity Grammar School. Author’s permission required for external use TASK In-class Homework SQ9 X SQ10 X Ex19.8 X Ex19.9 X Ex19.10 X Ex19.11 X Ex19.12 X Case Study 1 X Case Study 2 X
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