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Tayyab & Company is a limited liability company. The financial year of the company ends on 31st March each year. Unfortunately, this year a fire damaged the assets in the factory on 2nd April, two days after the year end closure of accounts. The loss from fire is estimated at Rs.30 million out of which 16 million will be recoverable from insurance company. Hence, you are required to discuss, along with logical rationale, whether or not the loss will be treated in the Final Accounts of previous year.
1. Your discussion must be based on logical facts.
2. The discussion board will remain open for 3 working days/ 72 hours.
3. Do not copy or exchange your answer with other students. Two identical / copied comments will be marked Zero (0) and may damage your grade in the course.
4. Obnoxious or ignoble answer should be strictly avoided.
5. Questions / queries related to the content of the discussion board, which may be posted by the students on MDB or via e-mail, will not be replied till the due date of discussion board is over.
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Hence, you are required to discuss, along with logical rationale, whether or not the loss will be treated in the Final Accounts of previous year.
the loss can not treat in the financial statement of the previous year
the loss disclosed only in notes