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assets liabilities capital

This topic has 2 replies, 3 voices, and was last updated 9 years ago by Folisha.

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September 28, 2015 at 3:35 pm #274007
keisha142b
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alex took out a loan on 1st jan 2012 $72000 Payable in 12 equal installments quarterly. the 1st payment was made on 31st Mar 2012 show how the loan would be shown in his statement of financial position as at 31 dec 2012
answer = current liabilities = 24000
non current liabilities = 24000
i am confused with the quarterly and why doesnt the entire 48000 go into current liabilities
please help
September 28, 2015 at 4:44 pm #274009
umair
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current liabilities = payable within a year.
24000 will be paid in 2013, and the remainder will be paid in 2014.
September 29, 2015 at 5:38 pm #274122
Folisha
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4 quarters in a year (3 mths a quarter) thats 4 payments of 6000 a year total of 24,000
the question ask to show how the loan would be shown in the SOFP at year ended dec 2012.
current liabilities = 24,000 non current liabilities = 48,000
hope this helps……
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