Shivam Limited borrowed a sum of 50 million from the State Bank of India on 1st
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Shivam Limited borrowed a sum of ₹ 50 million from the State Bank of India on 1st August 2016 for a period of one year. The loan matured on 30th July 2017 and was duly repaid on due date with interest amounting to ₹ 5 million. The company maintains its books on financial year basis. In which accounting year the interest expenses should be recorded? Why?
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The interest of 5 million is for a period of 12 months from 1st August 2016 to 30th Ju...View the full answer
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