Accountancy, asked by kashmiri30763, 3 months ago

John and James are partners sharing profits equally.
and Current Market Value is Rs. 30,000. By what amount
Historical Cost is Rs. 50,000, Book Value is Rs. 25,000
Jack enters the partnership and contributes a Land whose
Jack's account should be increased?
A) Rs 50000
B) RS 30000
C) RS 25000
D) RS 105000

Answers

Answered by shahaadilmukhtar
0

Answer:

B

Explanation:

According to the concept of Conservatism, the stock in trade is valued at Market price or cost price whichever is lower.

Answered by vinod04jangid
0

Answer:

The correct alternative is option B) RS 30000

Explanation:

  • We have arrived at this conclusion due to the well known concept of conservatism.
  • The goal of conservatism is the general concept of recognizing costs and liabilities as soon as possible if there is uncertainty about the outcome, but only to recognize income and assets only when they are guaranteed.
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