Heineken N.V. reports the following information for its Loans and Borrowings as

Question

Heineken N.V. reports the following information for its Loans and Borrowings as of December 31, 2013, including proceeds and repayments for the year ended December 31, 2013 (euros in millions). Loans and borrowings (noncurrent liabilities) Loans and borrowings, December 31, 2013 € 9,112 Proceeds (cash) from issuances of loans and borrowings 1,663 Repayments (in cash) of loans and borrowings (2,474 ) 1. Prepare Heineken’s journal entry to record its cash proceeds from issuances of its loans and borrowings for 2013. Assume that the par value of these issuances is €1,700. (Enter your answers in millions.)

Prepare Heineken’s journal entry to record its cash repayments of its loans and borrowings for 2013. Assume that the par value of these issuances is €2,400, and the premium on them is €24. (Enter your answers in millions.)

Prepare Heineken’s journal entry to record its cash repayments of its loans and borrowings for 2013. Assume that the par value of these issuances is €2,400, and the premium on them is €24. (Enter your answers in millions.)

Explanation / Answer

Journal Entry :-

Date Particulars Debit($) Credit($) Loans and Advances A/c Dr. 2400 Premium A/c Dr. 24 Interest on Loan and Advances A/c Dr. 50 To Cash A/c 2474 (To Record the cash repayments of loans and borrowings)

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