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Forensic Accounting

We have taken finance from Bank Rs1000 million and had paid Rs100 Million as processing fee


We have taken finance from Bank Rs1000 million and had paid Rs100 Million as processing fee. How to account for this under IFRS

asked Oct 19, 2016 in IFRS 9 - Financial Instruments by CA Rajat Tayal Level 1 Member (1,300 points)
reshown Feb 21 by Mysio

1 Answer

0 votes
In this case, the loan is to be booked by Rs. 900 million, and you are required to calculate the effective rate of interest by EMI and provide the interest expense in the books by effective rate of interest.
answered Apr 1 by ayush9001 Level 1 Member (1,750 points)



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