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How would classify the liability in balance sheet

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Problem 1: On july 2019, Mehmood & sons limited borrowed Rs 5,00,000/- on a one year, 4% note payable from JS Bank,Gujrat. The note is to be repaid after one year but interest was paid quarterly. How would you classify this liability in balance sheet and on what amount? What will be the affect on 2019, 2020 balance sheets?

Reference no: EM132621396

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