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Stephen Widberg.
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kennigara
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? took it from Kaplan study text understanding 8
On 1 January 20X1 Magpie lends $2m to the supplier
the loan will be repaid in two year’s time
it is measured at amortised cost
market interest rate is 8%
accounting entries 31 december 20×1solution
2*(1/1.08^2)=1.71Dr FA-1.71
Dr P/L-0.29—-when we debit P/L what it is considered Impairment(loss allowance)?????
Cr Cash-2thanks in advance
kennigara
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Dear Tutor i did not copy the question i changed it.
Stephen Widberg
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I think the Dr to P&L is of the SUBSTANCE of an extra purchase cost – so I would Dr COS
kennigara
Stephen WidbergViewing 3 posts - 1 through 3 (of 3 total)
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