On 1st December, 2017, Gruh Construction Company Limited undertook a contract to construct a building for ?108 lakhs. On 31st March, 2018 the company found that it had already spent ?83.99 lakhs on the construction. A prudent estimate of additional cost for completion was ?36.01 lakhs. The amount of the provision for foreseeable loss, which must be made in the Final Accounts for the year ended 31st March, 2018 based on AS 7 Accounting for Construction Contracts"is"

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%