Question

(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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Answer 1

Answer:

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 ...