Top IND AS Journal Entries
Top IND AS Journal Entries ✅ 1️⃣ IND AS 115 – Revenue (Contract Asset / Liability) Revenue earned > billed Contract Asset Dr To Revenue Billing > revenue earned Revenue Dr To Contract Liability ✅ 2️⃣ IND AS 116 – Leases (Lessee Entries) On commencement: ROU Asset Dr To Lease Liability Monthly payment: Finance Cost Dr Lease Liability Dr To Bank Depreciation: Depreciation Dr To ROU Asset ✅ 3️⃣ IND AS 16 – PPE (Component Accounting) PPE – New Component Dr Accumulated Depreciation Dr To PPE – Old Component ✅ 4️⃣ IND AS 38 – Intangibles (R&D) Research: Research Expense Dr To Bank/Payables Development (Capitalised): Intangible Asset Dr To Bank/Payables ✅ 5️⃣ IND AS 36 – Impairment Impairment Loss Dr To Asset ✅ 6️⃣ IND AS 37 – Provision for Warranty Create provision: Warranty Expense Dr To Provision Utilise provision: Provision Dr To Bank/Inventory ✅ 7️⃣ IND AS 109 – Financial Instruments (FVTPL) Financial Asset Dr To P&L (Gain) or P&L (...