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Financial Statements - 2 — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountFinancial Statements - 21 Mark
MCQ
Accrued interest will be $......$ to interest account
  • A
    Debited
  • ✓
    Credited
  • C
    No effect
  • D
    None
✓

Answer

Correct option: B.
Credited

The amount of accrued interest for the recipient of the payment is a debit to the interest receivable $($asset$)$ account and a credit to the interest revenue account. The debit is rolled into the balance sheet $($as a short$-$term asset$)$ and the credit into the income statement.

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