On June 1, 2018, AL MADINA INVESTMENT, issued 15 years, 8 %, OMR 1,000,000 face...
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On June 1, 2018, AL MADINA INVESTMENT, issued 15 years, 8 %, OMR 1,000,000 face value bonds at OMR 96. Interest is payable each year on June 1 and December 1. The company closes its books of accounts on December 31st every year and the company follows IFRS. Required: a) Pass the necessary journal entries in the books of accounts of AL MADINA INVESTMENT for 1 year. b) Prepare interest account and Discount on Bond account c) show the carrying value of bond to be recorded in the balance sheet at the end of the year
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