(c) ABC Limited provides a loan of $5,000 to Marie, an employee. The loan is advanced on 1 April 2018, with a low interest rate of 3%. Marie does not make any loan repayment for the first six months. Calculate the taxable value of the loan for the quarter ended 30 June 2018. The prescribed rate of interest for the quarter ended 30 June 2018 is 5.77%.

(c) ABC Limited provides a loan of $5,000 to Marie, an employee. The loan is advanced on 1 April 2018, with a low interest rate of 3%. Marie does not make any loan repayment for the first six months. Calculate the taxable value of the loan for the quarter ended 30 June 2018. The prescribed rate of interest for the quarter ended 30 June 2018 is 5.77%.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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