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| Corporate practice bd |
Ans:-
It is a special type of stimulus package loan to the
industries to protect them from a large Financial crises against the CVID-19, pandemic. For these
purposes to minimizing the economic shocks of COVID-19, the Bangladesh Bank has
announces varies fiscal and non -fiscal stimulus package to the industry
and service sector by providing a Tk 400-billion worth of financial
support. Under this stimulus package loan the Bangladesh bank has a already enhance
that the package loan will continue for the years from April 14.2020 whereas
borrowers enjoy interest subsidy half of normal rate of " 9% " I mean at 4.50 % for
maximum one year. Finally we can say that, the borrowers will pay
interest at 4.50 per cent out of the normal 9% per cent under the package. The
remaining half or 4.50 per cent will be paid by government as interest subsidy
to the banks concerned.
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Lets we started Accounting treatment with stimulus Package loanSay for example ,
XYZ, a 100% export-oriented group of a
company currently allows.TK. 1,00,00,000.000
stimulus Package loan facility under ( stimulus Package loan A/C-002812 -00190) and credited our CD Account(Say-10530) dt.20.11.2020 for the 365 days tenure facility. Interest rate @4.50%. As per company policy interest is charges Quarterly and stimulus Package loan must be partial adjusted from company's CD Account (Say-10530). Payment date.10.05.21 Tk.35,00,0000.000 and date.08.11.21 tk.35,00,0000.000,also closing payment date.15.11.2021 remaining balance.
Step-01. Loan creation under ( stimulus Package loan A/C-002812 -00190).
CD Account(Say-10530) TK.1,00,00,000.000
To Stimulus Package( loan A/C-002812 -00190).TK.1,00,00,000.000
Description (To creation Stimulus Package loan A/C-002812 -00190 dt.20.11.2020).
Step-02. 1st Quarter interest charged Stimulus Package loan A/C-002812 -00190
dt.20.02.2021
Interest charged on Stimulus Package TK.1,50,000.000
(1,00,00,000.000*4.50%)/12*04
To Stimulus Package (loan A/C-002812 -00190).TK.1,50,000.000
Description (To record 1st Quarter interest charged dt.20.02.2021).
Step-03. 2nd Quarter interest charged Stimulus Package loan A/C-002812 -00190
dt.20.06.2021 Interest charged on Stimulus Package TK.1,50,000.000
(1,00,00,000.000*4.50%)/12*04
To Stimulus Package( loan A/C-002812 -00190).TK.1,50,000.000
Description (To record 2nd Quarter interest charged dt.20.06.2021).
Step-04. 3rd Quarter interest charged Stimulus Package loan A/C-002812 -00190 dt.20.09.2021
Interest charged on Stimulus Package TK.1,50,000.000
(1,00,00,000.000*4.50%)/12*04
To Stimulus Package ( loan A/C-002812 -00190).TK.1,50,000.000
Description (To record 3rd Quarter interest charged dt.20.09.2021).
Step-05.Partial Stimulus Package loan A/C-002812 -00190 adjustment.
Stimulus Package loan A/C-002812 -00190Debit tk.35.00,000.000
To Company CD Account(Say-10530) Credit tk.35.00,000.000
Description (To record partial Stimulus Package loan adjustment dt.10.05.21)
Step-06.Partial Stimulus Package loan A/C-002812 -00190 adjustment.
Stimulus Package loan A/C-002812 -00190Debit tk.35.00,000.000
To Company CD Account(Say-10530) Credit tk.35.00,000.000
Description (To record partial Stimulus Package loan adjustment dt.08.11.21)
Step-07. Closing/ Final payment on Stimulus Package loan A/C-002812 -00190 .
Stimulus Package loan A/C-002812 -00190Debit tk.34.50,000.000
( 1,04,50,000.000)-(35,00,000.000+35,00,000.000)
To Company CD Account(Say-10530) Credit tk.34.50,000.000
Description (To record final payment of Stimulus Package loan dt.20.11.21).
Summary of Stimulus Package loan A/C-002812 -00190
Total Stimulus Package "loan A/C-002812 -00190 Credited TK.1,00,00,000.000
Add:Total Interest charged(1,00,00,000.000*4.50%)/(1,50,000.000*3)TK.4.50.000.000
Grand Total Capitalized Stimulus Package "loan TK.1,04,50,000.000
Less: (Partial +Final payment) of Stimulus Package loan TK.1,04,50,000.000
(35,00,000.000+35,00,000.000+34,50,000.000)
Finally, Stimulus Package "loan ( A/C-002812 -00190) Balances = Nil....
The END...…..