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AS 16 - Illustration 6 (May 2019)
Accountancy
Can we assume that the specific loan has been utilized fully on 1st April itself, instead of assuming that it has been utilized proportionately throughout the year?
Answers (5)
CA Suraj Lakhotia Admin
Yes
Sir, whether we can also assume that only after utilizing 1 general loan fully, another general loan is utilized?(if a company has obtained 2 or 3 general loans)
Thread Starter
Nivedha BalajiSir, whether we can also assume that only after utilizing 1 general loan fully, another general loan is utilized?(if a company has obtained 2 or 3 general loans)
General loans are not for a specific purpose. So cant take this assumption
CA Suraj Lakhotia Admin
General loans are not for a specific purpose. So cant take this assumption
Got it sir. Thank you so much.
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