Question
A financial instrument was issued at a discount.
Principal ₹10,00,000, issue proceeds ₹9,40,000, life 5 years. Using effective interest method, if effective annual rate implicitly is 1.24% approximate (example), first-year interest expense = carrying amount × effective rate = 9,40,000 × 0.0124 = ? (Calculate to nearest rupee)Solution
First-year Interest Expense = Carrying Amount at Initial Recognition × Effective Interest Rate = 9,40,000 × 0.0124 = ₹11,656.
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