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XYZ Ltd obtained a Loan from a Bank for 240 lakhs on 30.04.2016. It was utilized for construction of a shed 120 lakhs, Purchase of Machinery 80 lakhs, Working Capital 40 lakhs. Construction of shed was completed in March, 2018. The machinery was installed on the same date. Total interest charged by the Bank for the year ended 31.03.2018 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%


XYZ Ltd obtained a Loan from a Bank for 240 lakhs on 30.04.2016. It was utilized for construction of a shed 120 lakhs, Purchase of Machinery 80 lakhs, Working Capital 40 lakhs. Construction of shed was completed in March, 2018. The machinery was installed on the same date. Total interest charged by the Bank for the year ended 31.03.2018 was 36 lakhs. As per AS- 16, interest to be debited to Profit & Loss Account will be






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