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7 3 Buenaventura

The document shows accounting entries for a pauper bank over 3 years from 2020 to 2022. In 2020, the bank originated a $3 million loan and incurred $260,300 in origination costs. It recorded $50,382 in interest income in 2020, $53,405 in 2021, and $56,513 in 2022 from the loan. By the end of 2022, the loan principal of $3 million had been paid off.

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253 views2 pages

7 3 Buenaventura

The document shows accounting entries for a pauper bank over 3 years from 2020 to 2022. In 2020, the bank originated a $3 million loan and incurred $260,300 in origination costs. It recorded $50,382 in interest income in 2020, $53,405 in 2021, and $56,513 in 2022 from the loan. By the end of 2022, the loan principal of $3 million had been paid off.

Uploaded by

Anonn
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Pauper Bank

Requirement 1 Date
Debit Credit 01/01/2020.
2020 12/31/2020
Jan-01 Loan Receivable 3,000,000 12/31/2021
Cash 3,000,000 12/31/2022

Direct origination cost 260,300


Cash 260,300 Requirement 2
Noncurrent Asset:
Cash 100,000
Direct origination cost 100,000

Dec-31 Cash 240,000


Interest income 240,000

Interest income 50,382


Direct origination cost 50,382

2021
Dec-31 Cash 240,000
Interest income 240,000

Interest income 53,405


Direct origination cost 53,405

2022
Dec-31 Cash 240,000
Interest income 240,000

Interest income 56,513


Direct origination cost 56,513

Cash 3,000,000
Loan Receivable 3,000,000
Interest received (8%) Interest income (6%) Amortization Carrying amount
3,160,300
240,000 189,618 50,382 3,109,918
240,000 186,595 53,405 3,056,513
240,000 183,487 56,513 3,000,000

equirement 2
oncurrent Asset:
Loan receivable 3,000,000
Direct organization cost 109,918
Carrying amount 3,109,918

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