The balance sheet of DXI Ltd for the year 200910 disclosed 5,60,000 as liability for derivative contract

Question:

The balance sheet of DXI Ltd for the year 2009–10 disclosed ₹5,60,000 as liability for derivative contract expiring in next six months from the date of balance sheet. In the next financial year, i.e., 2010–11 the liability for the derivative contract was discharged at ₹5,45,000. Show how this is to be recognized in the books of accounts.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Financial Accounting

ISBN: 9780071078023

1st Edition

Authors: Dhanesh K. Khatri

Question Posted: