Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on the 30 june 2022. darwin ltd borrowed $300,000

On the 30 June 2022. Darwin Ltd borrowed $300,000 from NT bank. The interest on...

80.2K

Verified Solution

Question

Accounting

image
On the 30 June 2022. Darwin Ltd borrowed $300,000 from NT bank. The interest on the loan will be 5% per annum, Darwin Lid will be required to pay the pay the bank $45,000 over the next year (this includes principal and interest). Required: (i) Prepare the journal entry for the loan on the 30 June 2022 (dates and narrations not required). [2 marks] (ii) When preparing the balance sheet for the 30 June 2022 , what amount of the loan will be classified as a current liability? [1 mark] (iii) When preparing the balance sheet for the 30 June 2022 , what amount of the loan will be classified as a noncurrent liability? [1 mark]

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students