Question $4$

On $1^{st}$ April, $20$X$1,$ entity A contracted for the construction of a building for $22,00,000.$ The land under

the puilding is regarded as a separate asset and is not part of the qualifying assets. The building was

completed at the end of March, $20$X$2,$ and during the period the following payments were made to the

contractor:

Entity A$\text{'}$s borrowings at its year end of $31$st March, $20$X$2$ were as follows: