Identify the accounting concept which is being violated in following situations: (1) ms. sumit owner of a electronic shop has closing stock at a cost of Rs. 5,00,000 whose market value ( realisable value is Rs. 4,00,000 ). Sumit recorded stock at cost of Rs. 5,00,000.
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Identify the accounting concept which is being violated in following : ms. pooja , a owner of handloom house paid Rs 20000 as salaries to employees and her accountant record only this in cash account and reduced it by Rs 20000 but does not record this in anywere else.
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