Question
A sale of Rs. 25,000 to A was entered as a sale to B.
This is an example of _Solution
When a sale of Rs. 25,000 to A is incorrectly entered as a sale to B, it is an example of an "Error of commission." Error of commission occurs when a transaction is recorded incorrectly due to mistakes made during the recording process, such as errors in names or accounts.
There are certain expenses that may be in the nature of revenue but their benefit may not be consumed in the year in which such expenditure has been inc...
If a firm has been changing its depreciation policy every year, it is violating the_______ concept/principle of accounting.
Under AS 6, which of the following cannot be considered a method of depreciation?
A machine costing ₹8,00,000 has a salvage value of ₹80,000 after 10 years. The company follows Straight Line Method (SLM). During the 4th year, it s...
A vehicle purchased for ₹8,00,000 has an estimated useful life of 5 years and a residual value of ₹1,00,000. Using the Straight-Line Method, the dep...
A machinery costing ₹10 lakhs has a useful life of 5 years and a salvage value of ₹1 lakh. Using the straight-line method, the firm changes the usef...
If the capital of a business is 230000, liabilities are 50000, loss 80000, then asset will be?
A machine costing ₹4,00,000 has a useful life of 5 years with scrap value ₹25,000. The company provides depreciation on WDV at 25% p.a. After 3 year...
XYZ Ltd. uses Written Down Value (WDV) method for depreciation. It acquires a machine for ₹10 lakhs, has a salvage value of ₹1 lakh and charges 20% ...
Which method of depreciation is NOT recognized by the Companies Act, 2013?
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