Answers
Answer:-
a)
Entry for issue Bonds.
Dec 31 2019
Cash A\c. Dr. 590000
Bond Payable on Discount. A\c Dr. 70000
BOND Payable.
A\c. 660000
b) Payment for interest and discount
Dec 31 2019
Interest Expense. A\c. Dr. 53200
Bond Payable on Discount A\c.
(W N 1) 7000
Cash A\c. (W N 2) 46200
c) Redemption of the Bond
Dec 31 2019
Bond Payable. A\c. 660000
Cash A\c. 660000
Working note:-
1) 70000/10 = 7000
2) 660000×7% = 46200
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