Calculate the figure that should be included within non-current liabilities in YY's statement of financial position at 30 September 20X3 in respect of both of the loans outstanding at the year end?

Calculate the figure that should be included within non-current liabilities in YY’s statement of financial position at 30 September 20X3 in respect of both of the loans outstanding at the year end?

CORRECT TEXT

The following information is extracted from the trial balance of YY at 30 September 20X3.

i. Included in revenue is a refundable deposit of $20 million for a sales transaction that is due to take place on 14 October 20X3.

ii. The cost of closing inventory is $28 million, however, the net realisable value is estimated at $25 million.

iii. The interest free loan was obtained on 1 January 20X3. The loan is repayable in 12 quarterly installments starting on 31 March 20X3. All installments to date have been paid on time.

Calculate the figure that should be included within non-current liabilities in YY’s statement of financial position at 30 September 20X3 in respect of both of the loans outstanding at the year end?

Give your answer to the nearest $ million.

Answer: $230 million