Model: Income recognition Following are the information provided by ABZ Ltd. regarding the interest on advance along with the measure of assets.
Types of (Classification of) Assets |
Interest Earned (Rs. in Lakhs) |
Interest Received (Rs. in Lakhs) |
(A) Performing Assets: |
||
Term Loans |
250 |
150 |
Cash Credits & Overdrafts |
900 |
550 |
Bills Purchased & Discounted |
400 |
260 |
(B) Non-performing Assets: |
||
Terms Loans |
150 |
40 |
Cash Credits & Overdrafts |
560 |
55 |
Bills Purchased & Discounted |
200 |
20 |
You are required to calculate the income to be recognized for the year ending on 31 March 2011.