Answer Posted / h.r. sreepada bhagi
IFRS will be applicable from April 2011. It's proposed to
make it applicable in a phased manner on certain criteria.
Not all the companies will come under compulsory purview of
IFRS from the next Financial year.
Up to the Financial Year 2010-11, Indian GAAP (Guided by
Accounting Standards issued by the Institute of Chartered
Accountants of India) is applicable.
For updated information on implementation in India as
planned, please contact the office of the Institute of
Chartered Accountants of India or any qualified Accountant.
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please answer this question.the following balances were extracted from the books of modern traders on 31st dec,2010.capital(85000)fixed assets(45000)stock1-1-2010(15000)sundry debtors(20600)productive exp(3300)reserves fund(6600)discount received(800)cash in hand(6200)drawing(5000)accomulated dep.(9000)purchases(82000)bad debts(400)unproductive exp.(27400)sundry creditors(9000)sales(120000)cash at bank(25500).adjustments.stock on 31-12-2010(15000).outstanding wages (5000) write-off (600)of further bad debts. create provision for bad & doubtful debts at {5%) on debtors.unproductive expenses includes anitem of prepaid insurance (100).provide depreciation on original cost of fixed assets @ (10%).
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