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      Question

      A company’s warehouse was damaged by fire after the

      balance sheet date but before the approval of accounts. Under Ind AS 10, this is:
      A Adjusting event Correct Answer Incorrect Answer
      B Non-adjusting event Correct Answer Incorrect Answer
      C Contingent liability Correct Answer Incorrect Answer
      D Extraordinary item Correct Answer Incorrect Answer

      Solution

      Post-BS event, not related to conditions existing at year-end = non-adjusting, but disclosure is required.

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