Share 'FIN611 - Advanced Financial Accounting GDB #1 Last Date Thursday, February 14, 2019'
GDB # 01
A company has purchased a plant for Rs. 5 million with an estimated useful life of 10 years. In order to provide funds for replacement of plant the company has decided to create provision with equal amounts for ten years. Therefore; the company debited “Plant replacement charges” and credited “Provision for Plant replacement” in current year’s financial statements.
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