why assets are shown at their historical cost price but not at their current price bcoz we are following historical cost concept. but this will not reveal correct financial position of the business.give reason
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in reply of sreedapa answer ,suppose for the m/o march telephone expense is Rs.800 and for the m/o april Rs.200 For this we will pass tthis entry : Telephone expenses Dr 800 To Tel expenses payable 800 Telephone Expenses Payable Dr 800 to Bank/cash 800 (For the m/o march) And for the m/o april, we will make the provision in the m/o March Telephone expenses Dr. 200 To Telephone Expenses Payable 200 Plz advice
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ADR
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Hi Everybody, Can anybody tell me the journal entry for below question, Charged interest on Capital Rs.1,500.00 Thanks,
Audit 
