Alpha Ltd. prepares its financial statements annually with 31 March as its reporting date. At 31 March 20X2, the following liabilities were included…

Alpha Ltd. prepares its financial statements annually with 31 March as its reporting date. At 31 March 20X2, the following liabilities were included in its financial statements: Trade payables of ₹ 1,20,000, relating to purchases for which the entire amount had already been allowed as a tax deduction when the purchases were made. Accrued liabilities of ₹ 40,000, relating to an expense for which a tax deduction will be available only when the liability is actually settled. Alpha Ltd. also supplied components to a customer on 31 December 20X1 for an invoiced amount of ₹ 5,00,000. Payment was originally expected on 28 February 20X2. However, no payment was received. On 30 April 20X2, Alpha Ltd. obtained information that the customer had developed significant cash-flow difficulties because one of its major projects had failed in February 20X2. Alpha Ltd. remained confident that the customer would ultimately settle the amount and therefore agreed to allow the customer to pay on 31 March 20X3. Alpha Ltd. normally charges 6% annual interest on amounts it lends to customers. The customer was, however, allowed this extended interest-free payment period. Based on the facts given above, choose the most appropriate answer to Questions 6 to 10 below as per the relevant Ind AS.