accrued interest payable

kefo · #1 May 10, 2007, 02:12 PM

accrued interest payable is what type of account?

GlasgowSpaniel · May 10, 2007, 02:42 PM

Quote:

Originally Posted by kefo

accrued interest payable is what type of account?

Interest payable is an expenditure item and so would appear in the Profit and Loss Account (the total amount you should have paid for the period of the profit and Loss Account irrespective of when it was paid). The accrued portion is a Liability and will appear in the Balance Sheet.

CaptainForest · May 10, 2007, 08:54 PM

Interest Payable is a current liability account.



At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to: Get free answers from experts in any of our 300+ topics. Accept money for answers that you provide. Communicate privately with other members (PM). See fewer ads. Sign Up!