Inflation Accounting

Question

20 Mar 2023

Answer :

Word Count : 357

Inflation accounting is a type of accounting that recognizes the impact of inflation on financial statements. Inflation is the general increase in the prices of goods and services in an economy over a period of time, and it affects the value of money. Inflation accounting is, therefore, a technique used by companies to adjust their financial statements to reflect _______ _____ _____ _______ _____ _______ ________ ____.
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	Rs.			Rs.
To Cost of goods sold	3,00,000	By Sales		5,00,000
To Interest on Debentures	10,000	By Income	from	10, 000
		Investment
To Provision for Taxation	1,00,000
To Net Profit	1,00,000
	5,10,000			5,10,000

Liabilities	Rs.	Assets	Rs.
Share Capital	3,00,000	Fixed Assets	4,50,000
Reserves	1,00,000	Investments in Govt. Bonds	1,00,000
10% Debentures	1,00,000	Current Assets	1,50,000
Profit and Loss a/c	1,00,000
Provision for Taxation	1,00,000
	7,00,000		7,00,000