CA Foundation doubt
What is the accrual concept
Asked by Apoorva21 May 2024388 views
2 answers
Sagar · 21 May 2024
An accrual is a record of revenue or expenses that have been earned or incurred but have not yet been recorded in the company's financial statements. For example, suppose your company has to pay wages of ₹10000 for the year 2024. But in 2023, your company paid wages in advance of rs 2000 and in 2024 there's unpaid wages of 1000.so in 2024 your paid up amount for wages is 7000(10k-1k-2k) but you still gonna record as 10k even though u received 7k.
PankajKumar · 21 May 2024
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