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Question 1 - Glenelg Ltd borrows $40,000 from the AFI Bank on the 31st August 20X2. Instalments of $7,262 are made every six months to repay the loan over three years and interest calculated at 5% per annum compounded half yearly. The repayment schedule for the loan is provided below. Glenelg Ltd financial year ends on 30th June.
Instalment Date
Opening Loan Balance $
Instalment Paid $
Interest Component $
Principal Reduction $
Closing Loan Balance $
28/2/X3
40,000
7,262
1,000
6,262
33,738
31/8/X3
843
6,419
27,319
28/2/X4
683
6,579
20,740
31/8/X4
519
6,743
13,997
28/2/X5
350
6,912
7,085
31/8/X5
177
0
Required - Determine the amount/s that would appear in the Balance Sheet of Glenelg Ltd in respect of the loan as at the 30th June 20X4 and describe how they would be classified.
Question 2 - On the 1st October 20X3 Rolling Ltd purchased office supplies from Richards Bros Pty Ltd for a cost of $13,000 to be paid on the 30th November 20X3. Payment for the purchase was unable to be made until the 31st January 20X4 at which time $325 of interest was also included for the late payment.
Required - Complete the general journal entry for Rolling Ltd when payment to Richards Bros Pty Ltd was made. Narration not required.
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