Building WIP  Dr  10000000

   To  Ajay Properties  A/c 10000000

    (Being building purchased.)

Loan from ICICI bank:

Bank  A/c  Dr 9000000

  To  ICICI 10% Loan A/c 9000000

  ( Being loan amount received.)

Building WIP  Dr  2000000

   To  Bank  A/c  2000000

   (Building construction charges)

Interest on loan from ICICI bank (1  st  july to 31  st  August 2016)

 Building WIP   A/c  Dr  150000

   To  ICICI 10% Loan A/c 150000      

   (Being interest on loan during construction is capitalized.)

Interest on loan from ICICI bank ( 31  st August 2016 to 31  st  December 2016)

Interest On Loan A/c  Dr   300000

  To  ICICI 10% Loan  A/c   300000

  (Being interest on loan charged after Construction Completed booked as expense)

Building   Dr  13500000

  To  Building WIP   Dr   13500000

  (Being construction of building finally completed.)

Repayment of loan:

ICICI 10% Loan    A/c  Dr   9450000

  To Bank A/c  9450000

  ( Being loan repaid.)