Question
Dunstan Limited borrowed $34,000,000 from the bank at an effective interest rate of 11% to construct a qualifying asset. The loan was received in full
Dunstan Limited borrowed $34,000,000 from the bank at an effective interest rate of 11% to construct a qualifying asset. The loan was received in full on 1 January 2021 and half on the money invested on that date at 9 % interest.
Construction of the asset commenced on 1 April 2021 and worked was suspended for the months of September and October 2021. The asset was completed and ready for use on 31
December 2021.
REQUIRED: Show the extracts from the Statement of Comprehensive Income and the Statement of Financial Position to record the information above.
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Auditing Your Information Systems And IT Infrastructure Practical Audit Programs Checklists For Internal Auditors
Authors: Nwabueze Ohia
1st Edition
1973136260, 978-1973136262
