In order to deal with the weaknesses in Historical Cost concept, we have Realisation Concept.
This concept ensures that Balance sheet shows true picture of Assets and Liabilities.
but, how does it affect the Financial Statements?
Find out in the video lecture here.
For any help with preparation of CA foundation , CA CPT exam, use Prof Ved's Video lectures. Thousands of successful students will strongly recommend you these video classes.
Give a missed call at 9980100288 for any help.