Question

mention the accounting principle concept as a function which is violated in the following case and explain it number one Mohan the owner of a business received an order for supply what rupees 200000 he has also received 25000 rupees against this order Mohan record it as a sale number 2 purchase of pen pencil small calculator as shown as an asset in financial statement​

Answer 1

Answer:

pilferage (at list price) 76,000. Debtors at Mumbai:Opening & 10,000 Cash remitted by Mumbal Branch to HO: t3,24,870. Discount Allowed to Debtors t 26, 730. Goods received by Mumbai till close of the year 2,54,000. Provision is to be male for discount on Debtors at payments. 15\% on prompt payments at year end on the basis of year's trend of prompt Cash remitted by HO to Branch for Expenses: 18.000 Hranch Expenses still outstanding 1,482 Manager is entitled to a cammission @ 6% of net profits alter charging such commission. Required: Prepare Mumbai Branch Debtors Ale, Mumbai Branch Stock Account, Mumbai Branch Adjustment Ale, Mumbai Branch Expenses Account and Mumbai Branch Profit & Loss A / c under Stock & Debtors Method, ullu