Financial Reporting - May 2023

(a) Autumn Limited has a policy of providing subsidized loans to its employees for their personal purposes. Mrs. Jama Bai, a senior HR manager in the Company, took a loan of # 12.00 lakhs on the following terms: e — Interest rate 4% per annum e Loan disbursement date: 1% April, 2019 e — The principal amount of the loan shall be recovered in 4 equal annual installments commencing from 31s March, 2020 e The accumulated interest computed on reducing…

(a) A Limited operates in coating industry. Its business segments comprise Coating (consisting of decorative, automotive, industrial paints and related activities) and Others (consisting of chemicals, polymers and related activities). Certain information for financial year 2022-2023 is given below: All amounts in # lakhs Segments | External revenue GST Other | Result | Assets | Liabilities (including GST) operating income Coating 1,20,000 | 3,000 24,000 | 6,000 | 30,000 18,000 Others 42,000 | 1,800 9,000 | 2,400 | 18,000 6,000…

(a) Discuss the following situations as per Ind AS 10: i. The financial statements of a Company for the year 2021-2022 are approved by the management and were sent on 5' June, 2022 for review and approval to its supervisory board i.e., Board of Directors. The supervisory board approves the financial statements on 26 June, 2022. The financial statements are then made available to shareholders on 4" July, 2022. The financial statements are approved by shareholders in their annual general…