Mr. Sumit, a proprietor, purchased Machinery( Fixed Asset) for Rs. 10,00,000 on 1st July 2020, at the end of the financial year the market value of machinery came down to Rs. 7,00,000 and Sumit recorded it at Rs. 7,00,000 and showed a loss of Rs. 3,00,000. Which Accounting Concept is being violated here: *
1 point
Cost concept
Separate entity concept
Money measurement concept
Revenue recognition concept
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list translate in Hindi date and don't understood so I not clear clear answer
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This is right answer
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