Accounting standard framework

Accountancy

How to determine historical cost of liability

Deepak Deepak

CA Inter

★ 700

12-Aug-22 12:23

488

Answers (1)

Historical cost - value at which liability is incurred. Say you purchase on credit goods worth 10,000 Historical cost of liability is 10,000

CA Suraj Lakhotia

Admin

16-Aug-22 10:14