Question

Ruchica’s father is the sole proprietor of ‘Friends Gifts’, a firm engaged in the

sale of gift items. In the process of preparing financial statements, the

accountant of the firm Mr. Goyal fell ill and had to proceed on leave. Ruchica’s

father was urgently in need of the statements as these had to be submitted to the

bank, in pursuance of a loan of ₹ 5 lakh applied for the expansion of the

business of the firm. Ruchica who is studying Accounting in her school,

volunteered to complete the work. On scrutinizing the accounts, the banker

found that the value of building bought a few years back for ₹7 lakh has been

shown in the books at ₹ 20 lakh, which is its present market value. Similarly, as

compared to the last year, the method of valuation of stock was changed,

resulting in value of goods to be about 15 per cent higher. Also, the whole

amount of ₹ 70,000 spent on purchase of personal computer (expected life 5

years) during the year had been charged to the profits of the current year. The

banker did not rely on the financial data provided by Ruchica.

Advise Ruchica for the mistakes committed by her in the preparation of

financial statements in the context of basic concepts in accounting​

Answer 1

Answer:

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