Question

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

situations:

i) Mr. Sumit owner of a electronic shop has closing stock at a cost of Rs.

5,00,000 whose market value (realisable value is Rs. 4,00,000). Sumit recorded stock at cost of Rs. 5,00,000. ii) Ms. Pooja, a owner of handloom house, paid Rs. 20,000 as salaries to employees and her accountant recorded this only in cash account and

reduced it by Rs. 20,000 but does't record it anywhere else.

ii) Mr. Pankaj owner of Handloom house changed method of charging depreciation from Straight line method to Written down value method.​

Answer 1

Answer:

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Explanation:

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