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AS 05
Accountancy
Could someone explain the ii point under illustration 02 Which is given below
Answers (1)
With Retrospective effect, the company signed(made) an agreement with Employees union on 1-9-X2, for revision of wages from 30-9-X1 onwards. For that co. had to pay the additional amount of 5,00,000, due to revise of wages. So for that purpose the disclosure of that amount is necessary or not i.e; amount of 5L is correct amount or not to disclose.
