Saxon Woods, Inc has a fiscal year end of December 31, 2015 The company reported $ 124,500 in short term notes payable due on April 1, 2016, on its year end balance sheet Saxon Woods extended the due date for this debt to January 31, 2017, during the post balance sheet period The bank agreed to ext...

The cutoff date for IFRS reporters is the balance sheet date of December 31 201 ...

Saxon Woods, Inc. has a fiscal year- end of December 31, 2015. The company reported $ 124,500

Question:

Saxon Woods, Inc. has a fiscal year- end of December 31, 2015. The company reported $ 124,500 in short- term notes payable due on April 1, 2016, on its year- end Saxon Woods extended the due date for this debt to January 31, 2017, during the post- period. The bank agreed to extend the debt term for $ 100,000 of the total amount of the loan. $ 24,500 is due on its original due date. Prepare the journal entry required on December 31, 2016, to reflect the refinancing agreement under IFRS. Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...