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A&B Ltd obtained a Loan from a bank for ?240 lakhs on 30.04.2014. It was utilized for: Construction of a shed ?120 lakhs, Purchase of a machinery ?80 lakhs, Working Capital ?40 lakhs, Construction of shed was completed in March 2016. The machinery was installed on the same date. Delivery truck was not received Total interest charged by the bank for the year ended 31.03.2016 was ?36 lakhs. As per AS 16,Interest to be debited to Profit & Loss Account will be:

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The syllabus (with weightage):
A. GAAP and Accounting Standards 20%
B. Accounting of Business Combinations & Restructuring 20%
C. Consolidated Financial Statements 20%
D. Developments in Financial Reporting 25%
E. Government Accounting in India 15%


A&B Ltd obtained a Loan from a bank for ?240 lakhs on 30.04.2014. It was utilized for: Construction of a shed ?120 lakhs, Purchase of a machinery ?80 lakhs, Working Capital ?40 lakhs, Construction of shed was completed in March 2016. The machinery was installed on the same date. Delivery truck was not received Total interest charged by the bank for the year ended 31.03.2016 was ?36 lakhs. As per AS 16,<br>Interest to be debited to Profit & Loss Account will be:






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