Question

Sohan purchased goods for Rs.18,00,000 and sold 4/5th of the goods for Rs.21,60,000 and met expenses amounting to Rs.3,00,000 during the year, 2015. He counted net profit as Rs.4,20,000. Which of the accounting concepts was followed by him?
(a) Entity. (b) Periodicity. (c) Matching. (d) Conservatism

Answer 1

Periodicity is the answer