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Q. 2 On 31 July 2014, Wesfarmers loaned $110,000 to Toby Tractors on a one...

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Accounting

Q. 2 On 31 July 2014, Wesfarmers loaned $110,000 to Toby Tractors on a one year, 6% bill. Required: a) Compute the interest for the years ended 31 December 2014 and 2015 for Toby Tractors. (marks: 2) b) Which party has a 1) Bill Receivable? 2) Bill payable? 3) Interest Revenue? 4) Interest Expense? (marks: 2) c) On 30 November 2014, Wesfarmers discounted the bill at National Australia Bank (NAB) at the banks discount rate of 7.5%. How much cash would Wesfarmers receive from NAB? Show your calculations clearly. (marks: 4)

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