Accountancy, asked by krishna2004a, 8 months ago

On 25th March,2017. a fire broke out in the premises of Kamal Ltd. and destroyed a part of plant and machinery. On account of this, a sharp decline in production for the next six months is expected. The company did not disclose this fact in its annual report for the year ended on 31st March,2017. Which principles is being voilated?.

Full disclosure principles
Historical cost principles
Materiality principles
Buisness entity principles​

Answers

Answered by harshitvaswani
6

Answer

The company has violated the convention of full disclosure. Loss of Plant and Machinery in the books at a price it was acquired.

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