1 Briefly discuss (5)

Historical cost

Current cost

Realizable value

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2 Write down the component of financial statement with respect to the IASB FRAMEWORK..(3)

3 If balance janurary (1, 2008) 100 units,9 Rs per unit

Jan 1 received 100 units,8 Rs per unit

Jan 3 issued 100 units

Then calculate the value of inventories of January 3,2008 using weighted average method.(5)