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Umair Medical Services is in need of some funds in order to expand laboratory services in the clinic. In this respect the Company has raised funds on 01 July, 2020 by issuance of 10% 1,500 Bonds of Rs. 1,000 each at 5% discount for 2 years maturity with interest payable after every 3 months. Required a) Pass necessary accounting entries for:- Issuance of Bonds i) ii) Interest Payment at each interval iii) Amortization of Bonds discount at each interest payment iv) Retirement of Bonds at due maturity Compute real rate of interest on these bonds. b) Umair Medical Services is in need of some funds in order to expand laboratory services in the clinic. In this respect the Company has raised funds on 01 July, 2020 by issuance of 10% 1,500 Bonds of Rs. 1,000 each at 5% discount for 2 years maturity with interest payable after every 3 months. Required a) Pass necessary accounting entries for:- Issuance of Bonds i) ii) Interest Payment at each interval iii) Amortization of Bonds discount at each interest payment iv) Retirement of Bonds at due maturity Compute real rate of interest on these bonds. b)
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Date Explanation Debit Credit July 1 Cash Discount on Bond payable Bond payable To record sale of Bo... View the full answer
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