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Ques 3: On May 1st, 2018, a company issues RO 400,000 of 10-year, 12 percent bonds at 98. The bonds are dated January 1st, 2018.

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Ques 3: On May 1st, 2018, a company issues RO 400,000 of 10-year, 12 percent bonds at 98. The bonds are dated January 1st, 2018. Interest is payable 1st Jan and 1st July. The bonds will be outstanding for 9 years and 8 months or 116 months. Record appropriate journal entries. Calculate carrying value of Bonds payable as on 31/12/2018

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