Question 25

Part A

On 30 June 2021, Chreos Ltd borrowed $190,000 as a 6-year interest-only loan. The interest rate is 6% p.a. with payments required on June 30 each year.

In relation to this loan, state the amount that would be reported as current liability in the Statement of financial position on 30 June 2026.

Round your answer to the nearest whole dollar.

Part B

Daneistis Limited provides the following loan schedule in relation to its borrowings:

Date	Payment ($)	Interest ($)	Principal ($)	Balance ($)
30 June 2020				749,950
30 June 2021	113,700	33,748	79,952	669,998
30 June 2022	113,700	30,150	83,550	586,448
30 June 2023	113,700	26,390	87,310	499,138
30 June 2024	113,700	22,461	91,239	407,899
30 June 2025	113,700	18,355	95,345	312,554
30 June 2026	113,700	14,065	99,635	212,919
30 June 2027	113,700	9,581	104,119	108,801
30 June 2028	113,700	4,899	108,801	0

State the amount that Daneistis Limited would report as a current liability on 30 June 2021.

Part C

Daneistis Limited provides the following loan schedule in relation to its borrowings:

Date	Payment ($)	Interest ($)	Principal ($)	Balance ($)
30 June 2020				749,950
30 June 2021	113,700	33,748	79,952	669,998
30 June 2022	113,700	30,150	83,550	586,448
30 June 2023	113,700	26,390	87,310	499,138
30 June 2024	113,700	22,461	91,239	407,899
30 June 2025	113,700	18,355	95,345	312,554
30 June 2026	113,700	14,065	99,635	212,919
30 June 2027	113,700	9,581	104,119	108,801
30 June 2028	113,700	4,899	108,801	0

State the amount that Daneistis Limited would report as a non-current liability on 30 June 2023.

Part D

Considering the Conceptual Framework, which of the following statements is incorrect?

A. None - all of these statements are correct.

B. All revenue increases profit.

C. All income increases equity.

D. All revenue is income.

E. All realised gains increase profit.

Part E

Which of the following would be recognised as part of Other comprehensive income?

A. An incremental revaluation of land & buildings.

B. Loss from discontinued operations.

C. All of these would be recognised as part of Other comprehensive income.

D. Profit from the disposal of a piece of equipment.

E. Anticipated gains on inventory.