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The year-end trial balance of Quin Ltd reports R400 000 8% debentures (issued 2004) and R16 000 as interest paid. In this regard identify the amounts to be reported as expense in the Statement of income for the year ended 31 December 2011 and as current liability on the Statement of financial position: Interest expense: R32 000; Current liability: R32 000 or Interest expense: R48 000; Current liability: R16 000, or Interest expense: R16 000; Current liability: R32 000 or Interest expense: R32 000; Current liability: R16 000

The year-end trial balance of Quin Ltd reports R400 000 8% debentures (issued 2004) and R16 000 as interest paid. In this regard identify the amounts to be reported as expense in the Statement of income for the year ended 31 December 2011 and as current liability on the Statement of financial position: Interest expense: R32 000; Current liability: R32 000 or Interest expense: R48 000; Current liability: R16 000, or Interest expense: R16 000; Current liability: R32 000 or Interest expense: R32 000; Current liability: R16 000

FINANCIAL ACCOUNTING
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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The year-end trial balance of Quin Ltd reports R400 000 8% debentures (issued 2004) and R16 000 as interest paid. In this regard identify the amounts to be reported as expense in the Statement of income for the year ended 31 December 2011 and as current liability on the Statement of financial position: Interest expense: R32 000; Current liability: R32 000 or Interest expense: R48 000; Current liability: R16 000, or Interest expense: R16 000; Current liability: R32 000 or Interest expense: R32 000; Current liability: R16 000.

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