Homework Answers
Answer :-
| outflow for bonds = 312000/100 *106 | 330720 | |
| unamortized discount | 10000 | |
| Total | 340720 | |
| inflow for the company = 312000/100*101 | 315120 | |
| Therefore loss on redemption = | 25600 | |
| (1) Redemption of Bonds Payable ) | ||
| Bonds outstanding a/c Dr. | 312000 | |
| Loss on Redemption Dr. | 18720 | |
| To Bank a/c | 330720 | |
| (2) Issuance of new bonds | ||
| Bank a/c Dr. | 315120 | |
| To Bonds outstanding | 312000 | |
| To premium on bonds issued | 3120 |
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