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Show the treatment of interest under as

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GHI Limited obtained a loan for Construction of Factory shed ? 70 lakhs on 15th April, 2010 from JKL Bank, to be utilized as under:

? in lakhs                                      25

Purchase of Machinery                   20

Working capital                             15

Advance for purchase of Truck         10

Question 1: In March 2011, construction of the factory shed was completed and machinery, which was ready for its intended use, was installed. Delivery of Truck was received in the next financial year. Total interest of ? 9,10,000 was charged by the bank for the financial year ending 31-30-2011. Show the treatment of interest under AS 16 and also explain the nature of Assets

Reference no: EM132518400

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