What will be correct amount of fixed assets, if current assets and fixed assets before correcting this error were Rs. 160,000 and Rs. 940,000 respectively?
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Answer: 69 assets
Explanation:
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The correct amount of fixed assets is Rs. 1,440,000
Explanation:
Given that
Current assets = Rs. 160,000
Fixed assets = Rs. 940,000
Installation charges of the plant and machinery = Rs. 500,000
So, the correct amount of fixed assets equal to
= Fixed assets + Installation charges of the plant and machinery
= Rs. 940,000 + Rs. 500,000
= Rs. 1,440,000
Since the installation charges is wrongly treated as a revenue expenditure instead of the capital expenditure and the same is considered for the computation part.
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Capital expenditure and revenue expenditure
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