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Benefits of IFRS: (i) Global comparison of financial statements of any companies is possible (ii) Financial statements prepared by using IFRS shall be better understood with financial statements prepared by the country specific accounting standards. So the investors can make better decision about their investments. (iii) Industry can raise or invest their funds by better understanding if financial statements are there with IFRS. (iv) Accountants and auditors are in a position to render their services in countries adopting IFRS. (v) By implementation of IFRS accountants and auditors can save the time and money. (vi) Firm using IFRS can have better planning and execution. It will help the management to execute their plans globally.

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What is data.

Posted by Zeeshan Haider 6 years, 9 months ago

CBSE > Class 11 > Accountancy

1 answers

Gayatri Nanda 6 years, 8 months ago

Ii is the raw material

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House collection account was debited by house master by ankush account

Posted by Ankush Jangra 6 years, 9 months ago

CBSE > Class 11 > Accountancy

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Where are the revenue receipt shown while preparing financial accounting of a firm

Posted by Namanpreet Singh Deol 6 years, 9 months ago

CBSE > Class 11 > Accountancy

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Gayatri Nanda 6 years, 9 months ago

It is shown in profit and loss account on the credit side. It is shown in the Balance Sheet on the liability side. Capital receipt, when invested, produces revenue receipt e.g. when capital is invested by the owner, business gets revenue receipt (i.e. sale proceeds of goods etc.).

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Goods purchased for cash Rs 66,000 . Cartage paid 1%

Posted by Akshit Dhawan 6 years, 9 months ago

CBSE > Class 11 > Accountancy

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Shubham Jain 6 years, 9 months ago

purchase to cash by 66660

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Journal entry for old furniture sold a

Posted by Deepak Kumar 6 years, 9 months ago

CBSE > Class 11 > Accountancy

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Dhanuja Shri 6 years, 9 months ago

Cash a/c dr To furniture a/c

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Debit balance in a suspense account will be shown on which side of the balance sheet?

Posted by Pucha Bhumika 6 years, 9 months ago

CBSE > Class 11 > Accountancy

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Shubham Jain 6 years, 9 months ago

suspense does not shown any side ut is already collected while calculating closing stock

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Explain any three advantages of accounting

Posted by Bijoy Ghosh 6 years, 9 months ago

CBSE > Class 11 > Accountancy

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Gayatri Nanda 6 years, 9 months ago

Information about financial position. Ascertainment of profit or loss during a period. Accounting provides better control Accounting helps in decision making. Accounting records are evidence of acts. Collection and payment of cash. Accounting helps in obtaining loans for business. It help for investors and government & other.

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Being goods sold to Nikhil for rs 40000 and VAT charged 10 % ..give..journal entry

Posted by Gayatri Nanda 6 years, 9 months ago

CBSE > Class 11 > Accountancy