If rent paid is Rs 10,000 and prepaid rent at year-end is Rs 2,000, what is the rent expense for the current year under accrual accounting? MCQ with Answer and Explanation

Explanation:
Increase in value on revaluation is credited to Revaluation Reserve, as per AS 10.

Explanation:
In the voucher entry system, a Receipt Voucher is used to record all cash and bank receipts. A Payment Voucher is used to record all cash and bank payments. Both statements are correct.

Explanation:
Related parties include key management, enterprises with control or significant influence, etc.