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Two companies enter into loan agreements on 1 March 2012. On that date they also enter into an agreement to swap the loans. The details for each company and loan are:
L R R Hood Ltd B B Wolf Ltd
US company US company
Borrows £stg1,500,000 Borrows $US 4,980,080
Interest rate 8 per cent payable annually Interest rate 11 per cent payable annually
Repayable in £stg Repayable in $US
Loan repayable in 3 years Loan repayable in 3 years
1 March 2012 $US 1.00 = £stg0.3012
30 June 2012 $US 1.00 = £stg0.2980
The balance date for both companies is 30 June.
What are the accounting entries in the books of L R R Hood Ltd on 1 March and 30 June 2012?
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