Question
ABC Ltd. records a lease as an asset and a corresponding
liability in its books under Ind AS 116. The company uses this asset in operations and depreciates it annually. The lease liability is also reduced over time. How will this transaction affect the company’s balance sheet and profit and loss statement?Solution
Under Ind AS 116, leases are capitalized with Right-of-Use assets and corresponding lease liabilities. Depreciation on the asset and interest on liability appear in the P&L, while the asset and liability affect the balance sheet.
The remains of an ancient civilization from around 4000 BC were discovered in:
Who was the last ruler of Gupta dynasty ?
What is the first sermon of Buddha called as?
Consider the following statements regarding iqta system:
1. Iqtas were administered by Muqtis.
2. Iqtas were made hereditary by Sultan Fir...
Vikramashila University, a significant educational institution during the Pala dynasty, was destroyed by which historical figure's forces?
The place where Mahatma Gandhi started his first satyagrah was?
Which type of model of carts has been found in Harappa and Chanhudro?
Which of the following artifacts were found in Indus Valley Civilization?
1. Gold necklace
2. Spindle whorls
3. Copper bracelets
During Whose Reign Did Timur the Mongol Leader Invade India?
Where was the first Jain council convened?