Question

What should be specified regarding the period and amount of default in repayment of dues?

a.

Only the amount of default.

b.

Only the period of default.

c.

Both the period and amount of default, providing a break-up of principal and interest separately in each case.

d.

Whether there is a default or not.

Posted under IC 89 Management Accounting

Answer: (c).Both the period and amount of default, providing a break-up of principal and interest separately in each case. Explanation:The period and amount of default in repayment of dues should be specified, providing a break-up of principal and interest separately in each case.

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Q. What should be specified regarding the period and amount of default in repayment of dues?
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