Mr. Rahul places an order on 1st November, 2018 with M/s Sumit for the
supply of machinery for 3,00,000. On receipt of the order, M/s Sumit purchases
raw material, employs workers, produces machinery and delivers it to Mr.
Rahul on 5th November2018. Mr. Rahul makes the payment on 10th November,
2018. On which date, the revenue is recognized by M/s Sumit and explain the
relevant accounting concept.
(b) A company purchased goods for * 6,00,000 and sold 80% of such goods during
the year. The market value of remaining goods was 1,00,000. The company
valued the closing stock at cost. Which principle is being violated
Answers
Answer:
supply of machinery for 3,00,000. On receipt of the order, M/s Sumit purchases
raw material, employs workers, produces machinery and delivers it to Mr.
Rahul on 5th November2018. Mr. Rahul makes the payment on 10th November,
2018. On which date, the revenue is recognized by M/s Sumit and explain the
relevant accounting concept.
(b) A company purchased goods for * 6,00,000 and sold 80% of such goods during
the year. The market value of remaining goods was 1,00,000. The company
valued the closing stock at cost. Which principle is being violates
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