Homework Answers
| Req c. | ||||||
| Par value of bonds | 21,00,000 | |||||
| Par value of bonds to be redeemed | 1050000 | |||||
| Bonds Carrying value on 01.01.22 | 22,02,229 | |||||
| Unamortized premium on 01.01.22 | 1,02,229 | |||||
| (2202,229-2100,000) | ||||||
| Less: Premium to be amortized on 01.07.22 | 4899 | |||||
| (9797*6/12) | ||||||
| Unamortized premium on 01.07.22 | 97,330 | |||||
| Carrying value of bonds on 01.07.22 | 21,97,330 | |||||
| (2100,000+97,330) | ||||||
| carrying value of bonds redeemed | 1098665 | |||||
| Redemption price | 11,16,500 | |||||
| Loss on redemption | 17,835 | |||||
| Journal entries | ||||||
| S.no. | Accounts title and explanation | Debit $ | Credit $ | |||
| 01.07.22 | Interest expense | 1,10,601 | ||||
| Premium on bonds payable | 4,899 | |||||
| Cash interest (231000*6/12) | 1,15,500 | |||||
| (to record the interest) | ||||||
| 01.07.22 | Bonds payable | 10,50,000 | ||||
| Premium on bonds (97330*6/12) | 48,665 | |||||
| Loss on redemption of bonds | 17,835 | |||||
| Cash account | 11,16,500 | |||||
| (for redemption of bonds) | ||||||
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