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Q5] A firm has reported a profit of Rs.1,47,000 for the year ended 31-3-2014 after taking into consideration the...

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Q5] A firm has reported a profit of Rs.1,47,000 for the year ended 31-3-2014 after taking into consideration the following items. (i) The cost of an asset Rs.23,000 has been taken as an expense (ii) The firm anticipated a profit of Rs.12,000 on the sale of an old furniture (iii) Salary of Rs.7,000 outstanding for the year has not been taken into account. (iv) An asset of Rs.85,000 was purchased for Rs.75,000 and was recorded in the books at Rs.85,000. What is the correct amount of profit to be reported in the books?

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Reported pro fit 147 000 Cost as of an n Sword aprofit View the full answer


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Business Statistics a decision making approach

Business Statistics a decision making approach

ISBN: 978-0133021844

9th edition

Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry

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Posted Date: January 10, 2021 04:38:22
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