Bond Interest Revenue Journal Entry
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On november 01 2018 company y ltd purchased a 1 year bond for 500 000 that pays the interest at the rate of 12 interest.
Bond interest revenue journal entry. Simon issues four year bonds with a 50 000 par value on june 1 2011 at a price of 47 974. The annual contract rate is 7 and interest is paid semiannually on november 30 and may 31. The price of a bond issue often differs from its face value. At the end of 10 interest payments investment in bonds account would be equal to the bond face value of 50 000.
Prepare journal entries to record the. Here we discuss the most common examples of interest receivable journal entries along with detailed explanations. Bond prices and interest rates. The amount a bond sells for above face value is a premium the amount a bond sells for below face value is a discount a difference between face value and issue price exists whenever the market rate of interest for similar bonds differs from the contract rate of interest on the bonds.
The recorded amount of interest expense is based on the interest rate stated on the face of the bond. This entry would be made every 6 months for 10 interest payments. Guide to interest receivable journal entry.
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