does current year losses of rs 500000 prove that a company
lacks going concern
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Answer Posted / h.r. sreepada bhagi
Going concern concept of Accounting is applicable for
recording the transactions to enable preparation of
financial statements (P&L & B/S)at the end of the accounting
periods. Earning Profit or incurring loss in any year has no
bearing on this concept of accounting. Till a company is
wound-up, all transactions should be accounted assuming that
the company has a long existence (i.e for unknown future).
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