Kevin Limited issued 6000, 11% debentures of $100 each at Discount of 5%. All the debentures are to be redeemed after 6 years as on 31-03-2023 at a premium of 10%. Pass necessary journal entries in the books of Kevin Limited. (without narration)
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Kevin Limited issued 6000, 11% debentures of $100 each at Discount of 5%. All the debentures are to be redeemed after 6 years as on 31-03-2023 at a premium of 10%. Pass necessary
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- X Ltd. issued 6,000, 12% Debentures of 100 each at a discount of 0. on 01.04.2014. The debentures were payable in installments ot 2,00,000 starting from 31.03.2016. Show the discount on Issue of Debentures account for the years 2014-15 to 2017-18. You are required to a. •a Pass entries for issue of Debentures. Prepare Loss on Issue of Debentures AccountA Company Ltd. Issued 8000 14% debentures of Rs. 100 each at Rs. 105 each on 1st January 2016. Interest on debentures is being paid on 30th June and 31st December every year. Pass journal entries for the year of 2020 and also close interest account. You are also required to solve above question with taking your arid last 4 digit as no. of debentures i.e. 19-arid-4188 use 4188 as no of debentures.Assume that on May 31st, AI Sawadi LLC asks to extend its past-due OMR 2000 account payable to Baraka LLCC. After some negotiations, Baraka LLC agrees to accept OMR 500 cash and a 60-day, 10%, OMR 1500 note payable to replace the account payable. From the following given options choose the correct journal entry to be recorded in the books of Al Sawadi LLC at the time of note payable on due date. (Note: Assume 360 days in a year) a. Dr Note payable A/C OMR 1500 Dr interest expenses A/C OMR 150 and Cr Cash OMR OMR 1650 b. Dr Note payable A/C OMR 1500 Dr interest expenses A/C OMR 25 and Cr Cash OMR OMR 1525 c. None of the given options d. Dr Cash OMR OMR 1525 and Cr Note payable A/C OMR 1500 Cr interest expenses A/C OMR 25
- On the first day of the fiscal year, a company issues a $968,000, 8%, 10-year bond that pays semiannual interest of $38,720 ($968,000 x 8% x 1/2), receiving cash of $1,016,400. Journalize the entry to record the first interest payment and amortization of premium using the straight-line method. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select -On the first day of the fiscal year, a company issues a $957,000, 7%, 10-year bond that pays semiannual interest of $33,495 ($957,000 x 7% x 1/2), receiving cash of $1,004,900. Journalize the entry to record the first interest payment and amortization of premium using the straight-line method. If an amount box does not require an entry, leave it blankOn January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)
- Tandang Sora Corp. purchased a P5,000,000 ordinary life insurance policy on its president. Tandang Sora is the beneficiary under the policy. The policy year and Tandang Sora's accounting year coincide. Additional data available for the year ended December 31, 2024 are as follows: Cash surrender value, January 1 Cash surrender value, December 31 Annual advance premium paid January 1 Dividend received on July 1 What amount should be reported as life insurance expense for 2024? 348,000 432,000 160,000 24,000On the first day the fiscal year, a company issue a $437,000, 7%, 10years bond that pays semiannual interest of $15,295 ($437,000 x 7% x 1/2), receiving cash of $458,900. Journalize the entry for the first interest payment and amortization of premium using the straight-in line method. If an amount box does not require an entry, leave in blank. ____________ _____ _______ _____________ ______ ________On the first day of the fiscal year, a company issues a $616,000, 8%, 10-year bond that pays semiannual interest of $24,640 ($616,000 x 8% x 1/2), receiving cash of $646,800. Journalize the entry for the first interest payment and amortization of premium using the straight-line method. If an amount box does not require an entry, leave it blank. blank
- On the first day of the fiscal year, a company issues a $874,000, 9%, 10-year bond that pays semiannual interest of $39,330 ($874,000 x 9% x 1/2), receiving cash of $917,700. Journalize the entry to record the first interest payment and amortization of premium using the straight-line method. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - - Select - - Select -On 1 January 2019, Janice Ltd issued $10,000,000 6%, 5-year debentures. Interest is payable half-yearly on 30 June and 31 December. The company’s financial year ends on 31 December. Any premiums or discounts on the issue are to be amortized over the entire term using the effective interest method. The market interest rate is 4% per annum. (a) Determine the price of debentures on 1 January 2019. (b) Prepare journal entries to record the debenture issued, the payments of interest, amortization of discount or premium for the financial year ending 31 December 2019. Narratives are not required.On the first day of the fiscal year, a company issues a $584,000, 11%, 10-year bond that pays semiannual interest of $32,120 ($584,000 x 11% x 1/2), receiving cash of $613,200. Journalize the entry to record the first interest payment and amortization of premium using the straight-line method. If an amount box does not require an entry, leave it blank. Interest Expense Premium on Bonds Payable Cash
