Question
A company revalued its land upward by ₹30 lakh during
the year. It has not previously recorded any impairment or downward revaluation for this asset. How should this gain be accounted for in the financial statements as per Ind-AS 16?Solution
Revaluation gain is recorded in OCI and accumulated under revaluation reserve as per Ind-AS 16 unless it reverses a prior revaluation loss.
Four number-pairs have been given, out of which three are alike in some manner and one is different. Select the number-pair that is different.
Which of the following causes Swine flu ?
Which one of the following is not a female reproductive organ in humans?
Pipe ‘A’ takes 25 minutes to fill a tank. Pipe ‘B’ takes 30 minutes to empty the same tank. If pipe ‘B’ is opened 18 minutes after pipe ‘A...
The sum of three numbers is 254. If the ratio of the first to the second is 4:5 and that of second to the third is 8:11 then the second number is?
Which of the following military causes are correct for the Revolt of 1857?
1. Low salary and poor prospects of promotion
2. Di...
Why did the Congress declare 9th May to be 'Ethiopia Day'?
Three of the following statements pertaining to non-biodegradable plastics indicate their implications on animals, plants, and our surroundings. Choose ...
Transaction is referred as which event in accounting?
The sum of three consecutive multiples of 8 is 2424, find the largest one.
