Answers
| 1 | Journal | |||
| In the books of Millenial Works | ||||
| S No | Particulars | Dr/Cr. | Dr ($) | Cr ($) |
| 30-Apr-19 | Bank A/c | Dr | 5,000,000 | |
| To 8% Bonds A/c | Cr | 5,000,000 | ||
| (Being bonds issued) | ||||
| 31-Oct-19 | Finance Cost A/c | Dr | 200,000 | |
| To 8% Bonds A/c | Cr | 200,000 | ||
| (Being Interest accrued) | ||||
| 31-Oct-19 | 8% Bonds A/c | Dr | 200,000 | |
| To Bank A/c | Cr | 200,000 | ||
| (Being interest paid) | ||||
| 31-Dec-19 | Finance Cost A/c | Dr | 100,000 | |
| To 8% Bonds A/c | Cr | 100,000 | ||
| (Being Interest accrued for 3 months, assuming 31 Dec as book closing date) | ||||
| 12-Jan | Cash A/c | Dr | 5,800 | |
| To Sale of services A/c | Cr | 5,800 | ||
| (Being amount received for sale of services) |
| 2 | |||
| Balance as on 31.12.2020 | |||
| Year | 7.50% | 8% | 8.50% |
| 30-Apr-20 | 5,083,733 | 5,000,000 | 4,918,110 |
| 31-Dec-20 | 5,169,693 | 5,100,000 | 5,032,318 |
| Balance as on 31-Dec-20 = (Balance as on 30-Apr-20)+((Balance as on 30-Apr-20)*Yield rate*9/12))-200000 |
| Calculation of amortised cost of Bond as per IFRS 32 - Yield at 7.5% | ||||||
| Year | Payment ($) | PV @ 7.5% ($) | Opening Balance | Interest @ 7.5% | Payment | Closing Balance |
| 30-Apr-20 | 400,000 | 372,093 | 5,101,147 | 382,586 | 400,000 | 5,083,733 |
| 30-Apr-21 | 400,000 | 346,133 | 5,083,733 | 381,280 | 400,000 | 5,065,013 |
| 30-Apr-22 | 400,000 | 321,984 | 5,065,013 | 379,876 | 400,000 | 5,044,889 |
| 30-Apr-23 | 400,000 | 299,520 | 5,044,889 | 378,367 | 400,000 | 5,023,256 |
| 30-Apr-24 | 5,400,000 | 3,761,417 | 5,023,256 | 376,744 | 5,400,000 | - |
| Amortised Cost | 5,101,147 | 1,898,853 | 7,000,000 | |||
| Calculation of amortised cost of Bond as per IFRS 32 - Yield at 8% | ||||||
| Year | Payment ($) | PV @ 8% ($) | Opening Balance | Interest @ 8% | Payment | Closing Balance |
| 30-Apr-20 | 400,000 | 370,370 | 5,000,000 | 400,000 | 400,000 | 5,000,000 |
| 30-Apr-21 | 400,000 | 342,936 | 5,000,000 | 400,000 | 400,000 | 5,000,000 |
| 30-Apr-22 | 400,000 | 317,533 | 5,000,000 | 400,000 | 400,000 | 5,000,000 |
| 30-Apr-23 | 400,000 | 294,012 | 5,000,000 | 400,000 | 400,000 | 5,000,000 |
| 30-Apr-24 | 5,400,000 | 3,675,149 | 5,000,000 | 400,000 | 5,400,000 | - |
| Amortised Cost | 5,000,000 | 2,000,000 | 7,000,000 | |||
| Calculation of amortised cost of Bond as per IFRS 32 - Yield at 8.5% | ||||||
| Year | Payment ($) | PV @ 8.5% ($) | Opening Balance | Interest @ 8.5% | Payment | Closing Balance |
| 30-Apr-20 | 400,000 | 368,664 | 4,901,484 | 416,626 | 400,000 | 4,918,110 |
| 30-Apr-21 | 400,000 | 339,782 | 4,918,110 | 418,039 | 400,000 | 4,936,149 |
| 30-Apr-22 | 400,000 | 313,163 | 4,936,149 | 419,573 | 400,000 | 4,955,722 |
| 30-Apr-23 | 400,000 | 288,630 | 4,955,722 | 421,236 | 400,000 | 4,976,959 |
| 30-Apr-24 | 5,400,000 | 3,591,245 | 4,976,959 | 423,041 | 5,400,000 | - |
| Amortised Cost | 4,901,484 | 2,098,516 | 7,000,000 | |||
| Please note the following |
| Closing Balance = Balance sheet balance |
| Interest @ x% column shall go to Income Statement |
| Payment column shall go to Cash Flow Statement |
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