Usha Corporation Ltd. purchases 12,000 10% secured redeemable bonds of the face value of Rs. 100 each
Question:
Usha Corporation Ltd. purchases 12,000 10% secured redeemable bonds of the face value of Rs. 100 each of Andhra Pradesh Power Finance Corporation Ltd. on 1st January for a consideration of Rs. 11,40,000 net of brokerage. The interest on the bonds is payable every six months on 30th September and 31st March. Determine the cost of this investment on 31st March. How much amount will be credited to the profit and loss account as interest income?
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