alleryStart learning →Old carrying amount Rs 8,50,000; fair value Rs 10,00,000 used as deemed cost. Adjustment disclosed:
ARs 10,00,000
BRs 18,50,000
CRs 8,50,000
DRs 1,50,000
Answer & Solution
Correct answer: D. Rs 1,50,000
The adjustment equals fair value minus previous carrying amount: 10,00,000 less 8,50,000 gives Rs 1,50,000.
Keep practising Ind AS 101 First-time Adoption of Indian Accounting Standards
Browse all Ind AS 101 First-time Adoption of Indian Accounting Standards questions for CA Final, or explore more Financialreporting topics.
Related questions
Once a company follows Ind AS, voluntarily or mandatorily, can it revert to the old methodCompanies with Rs 500 crore net worth were mandatorily covered from:Under IFRS 1, adjustments from using a different earlier GAAP are recognised directly in:The December 2010 amendment to IFRS 1 guided entities emerging from:The restructured version of IFRS 1 was issued on:IFRS 1 was first issued in which month and year?Which body issued IFRS 1, the model for Ind AS 101?Ind AS 101 was notified by the MCA vide G.S.R. 111(E) dated: