On November 01, 2020 Western Holel borrows Rs. 800,000 cash from a bank by signing a...

 

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On November 01, 2020 Western Holel borrows Rs. 800,000 cash from a bank by signing a five-year installment note bearing 14% interest. The note requires equal total payments each year on 30 October over its tenure. Required a) b) c) Calculate the total amount of each installment payment to the bank. Prepare an amortization schedule for the installments of promissory note over its entire period. Prepare accounting entries for recording accrued interest as on 30 June 2021 being end of its first installment of loan against the promissory notes as at 30 October 2021. On November 01, 2020 Western Holel borrows Rs. 800,000 cash from a bank by signing a five-year installment note bearing 14% interest. The note requires equal total payments each year on 30 October over its tenure. Required a) b) c) Calculate the total amount of each installment payment to the bank. Prepare an amortization schedule for the installments of promissory note over its entire period. Prepare accounting entries for recording accrued interest as on 30 June 2021 being end of its first installment of loan against the promissory notes as at 30 October 2021.

Answer rating: 100% (QA)

Given borrowed amount P Rs 800000 ie t i 5 years 14 n ... View the full answer