Firee Ltd has a year end of 28 February and a functional currency of Rands. On 1 March 2016 Firee Ltd took out a loan from UK company for £350 00. Interest is payable annually in arreal on 28 February each year at a rate of 5% per annum. The loan is repayable in full on 28 February 2018. There have been no repayments on the loan before the 28 February 2018. Date 1 March 2016 28 February 2017 28 February 2018 Average rate 2017 Average rate 2018 R/£ exchange rate R21.77 R16.25 R16.77 R16.15 R16.20
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- on 1 january 2011 Swiss issud three year 5% $30,000 loan notes at norminal value when the effective rate of interest is also 5%. the loan notes will be redeemed at par. the liability is classified at FVTPL. At the end of the first accounting period market interest rates have risen to 6% Required explain and illustrate how the loan is accounted for in the financial statements of Swiss in the year ended 31 December, 2011.Q4. National Bank of Pakistan agrees to lend Rs. 100,000,000 on September 1, 2020, if PepsiCo. signs a Rs. 100,000, 000 12.5%, four-month note maturing on January 1. Instructions a) Prepare the entry on September 1st. b) Prepare the adjusting entry on Dec. 31st, assuming monthly adjusting entries have not been made. c) Prepare the entry at maturity (Jan. 1, 2015).PROBLEM 2 (MODIFIED) Winter Corporation received the following notes in 2020: NOTE DATE PRINCIPAL AMOUNT INTEREST RATE TERM A August 31 Php 200,000 10% 6 months B October 19 Php 250,000 12% 90 days C November 11 Php 300,000 11% 1 year REQUIRED: Determine the due date, amount of interest, and maturity value of each note. Compute interest using a 360-day year for those notes with terms specified in days or years. Round all interest amounts to the nearest peso. Journalize a single adjusting entry at December 31, 2020 to record accrued interest revenue on all three notes. Journalize the collection of principal and interest on Note B. On the due date, the maker dishonored Note A. Prepare the journal entry to record the default of the maker.
- 1-On 01.10.2019, the enterprise opened a time deposit account at Ziraat Bank with a maturity of 9 months, amounting to TL 500,000. The annual interest rate is 20% and the principal is transferred to the demand deposit account of the enterprise in the same bank together with the interest at the end of the maturity. (Financial statements will be prepared annually and the tax rate is 15%) . According to this, what is the amount of interest income corresponding to the current period as of the end of the period? a) 20.000 TL B) 60.000 TL NS) 25.000 TL D) 50,000 TL TO) 75.000 TLQ4. National Bank of Pakistan agrees to lend Rs. 100,000,000 on September 1, 2020, if PepsiCo. signs a Rs. 100,000, 000 12.5%, four-month note maturing on January 1. Instructions Prepare the entry on September 1st. Prepare the adjusting entry on Dec. 31st, assuming monthly adjusting entries have not been made. Prepare the entry at maturity (Jan. 1, 2015).Q7: A company borrows US dollars at 5.1% for 183 days and then at maturity refinances the principal and interest at 5.3% for a further 92 days. What is the simple cost of borrowing over the 9 months?
- QUESTION 3 On 1 January 2022, Rodney Inc. provided services to Smith Co. in exchange for Smith’s $300,000, 2-year 8% note with interest compounded semi-annually on July 1 and January 1. The current market rate of similar notes is 12%. Rodney Inc. financial year ends December 31. REQUIRED: 1. Provide the following input values from your financial calculator: N = Answer 2 I/Y = Answer 12 % PMT = $Answer 12000 FV = $Answer 300000 2. The note was issued at Answer A Discount 3. The present value of the note is $Answer 279 209.37 4. Complete the following amortization schedule: Cash Interest Amortized Carrying Dates Received Income Amount Amount Jan 1, 2022 0 0 0 $Answer 279209.37 Jul 1, 2022 $Answer 12000 $Answer 16752.56 $Answer 4752.56 $Answer 283961.93 Jan 1, 2023 " " $Answer 17037.72 $Answer 5037.72 $Answer 288999.65 Jul 1, 2023 " " $Answer 17339.98…HK Company borrowed Pesos (P) 20,000 as a loan from the United Bank on Jan 1, 2019, with an annual interest rate of 10%, payable every June 30 and Dec 31. HK Company reports quarterly, with a Dec 31 year-end, and it reports in has a functional currency in USD. Exchange rate: 1peso = usd Jan 1, 2019 $10 usd average quarter 1 2019 $10.50 usd march 31, 2019 $11 usd average quarter 2 2019 $10.30 usd june 30, 2019 $10.50 usd Prepare all the journal entries relating to the loan for Jan 1 to June 30, 2019 (Q1 & Q2) for HK Company including the June 30 interest payment.Question Content Area On June 8, Williams Company issued an $79,482, 12%, 120-day note payable to Brown Industries. Assuming a 360-day year, what is the maturity value of the note? When required, round your answer to the nearest dollar. a. $79,482 b. $82,661 c. $9,538 d. $89,020
- Q1: If a loan of 12.5 million is made for a period of 33 days at a rate of 8,25% per annum, what is the total amount repayable at the end of the period? Assume 365/365 days in the year. 12,593,236.30 12,583,236.30 10,573,287.67 10,853,25.52 which one is correct please help.Problem 10 On December 31, 2020, Olaer Company received two P5,000,000 notes receivable from customers in exchanged for consulting services rendered. On both notes, interest is calculated on the outstanding principal balance at the annual rate of 4% and payable at maturity. The note from Nazareno Corporation, made under customary trade terms, is due on October 1, 2021 and the note from Mudag Corporation is due on December 31, 2025. The market interest rate for similar notes on December 31, 2020 was 10%. The compound interest factors to convert future value into present value at 10% follow: present value of 1 due in nine months, 0.93, and present value of 1 due in five years, 0.62. 1. At what amounts should these two notes receivable be reported in Nazareno’s December 31, 2020 statement of financial position? 2. At what amounts should these two notes receivable be reported in Mudag’s December 31, 2020 statement of financial position?Question 1 CP Development Limited is preparing its statement of financial position as of December 31, 2023. There are some issues regarding the correct classification of the following: Investment of $ 150,000 in the US treasury bills. The maturity date will be February 18,2024. Prepaid rent of $ 72,000, covering January 1, 2024 to December 31, 2025. Notes payable $ 600,000 issued on December 31, 2023. The notes will be paid in cash installments of $ 66,000 each on De 31 The first installment (principal repayment 60,000, interest expense 6,000) will be paid on December 31, 2024. Deferred revenues $36,000 for services to be performed in 2024. Investment in shares of Barlockers is $ 240,000. The company plans to sell half of Barlocker’s' shares by 2024. Prepare a statement of financial position as of December 31, 2023 with proper classifications & sub-classifications based on the information given above and together with the following accounts: Land $300,000;…