Board of Directors approved the financial accounts of the year 2009-10 on 31st July
2010. The following events occurred before approval of financial accounts by Board
of Directors. State how you would deal with this situation:
“The wages of the employees are revised retrospectively from 1st January 2010. The
agreement is signed on 1st July 2010. The negotiations have been going on since 1st
February 2010. Due to this revision extra wages payable from 1.1.2010 to 31.3.2010
was ₹ 500000.
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