Question

Q.2) Identify the accounting concept which is being violated in following

situations:
Harman purchased 1000 sq. yards of land to build a factory and paid

Rs.15 lakhs for it. At the end of the financial year the value of land

came down to Rs. 13 lakhs and he booked a loss of Rs.2 lakhs. v) Sunrise Ltd. get a contract of Rs. 10,00,000 to build a hotel to be

completed in 4 years. The management of the company decided to

calculate profit/ loss at the end of 4 years, when contract is completed.

iv) Salaries amounting to Rs.10,000 for the month of March 2020 were

not paid. The owner did not want to account it in the books of

accounts for the year ended 31st march 2020 on the ground that the

amount was not paid.​

Answer 1

(vi) Cost concept

(v). Accounting period concept

(iv). Matching concept

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