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If one-third of the machinery is taken over by partner sahil of book value Rs.72000 and balance is revalued at Rs. 60000. HOW MUCH AND WHERE THE AMOUNT WILL BE CREDITED/ DEBITED? |
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Answer» Explanation:QUALITATIVE Characteristics of Accounting Information are- - Reliability: Accounting Information must be reliable. Reliability of information means it is VERIFIABLE, free from bias and material ERROR. - Relevance: Accounting Information must be RELEVANT to the user. Information is relevant if it MEETS the needs of the users in decision-making. |
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