स 7

2/2015

1.

५५

“Business unit is separate and distinct from the person who supply capital” is based णाः
(வ) Money measurement concept (B) Going concern concepl

(0) Accounting entity concept (D) Dual aspect concepl

Mr, A purchased a machinery costing ¥ 1,011,100 07 1 [0೪811007 2013. ‘Transportation
and installation charges were incurred amounting 710,000 and T 4,000 respectively.
Dismantling charges of the eld machine was ¥ 10,000. Market value of the new machine was
estimated at ¥ 1,20,000 on 1* March 2014. While preparing final accounts, A values the

machinery at ¥ 1,20,000 in his books. Which ല്‌ following concepts was violated by A ?

(ക) Cosl concept (0) Matching concept
(C) Realisation concept (D) Periodicity concepl
A company wishes lo earn 20% profit margin on selling price is the profit mark-up

on cost, which will achieve the required profit margin.
‏(ھ)‎ 3 (೫) .
(८) 20% 10) None of the above

Debit note is ciated with :

(^) Purchase return (18) Sales return
(C) Purchases (D) 54165

When shares are forfeited the share capital account is debited by :
(A) Calls in arrear (B) Nominal value of such shares

)0 Pad-up amount (0) Called-up amount

Accounting Standards in India are issued by ;
(2) Central Government

(18) Reserve Bank 01 India

(0) Institute of Chartered Accountants of India
(0) 5801

The basic rule of “debit the receiver and credit the giver” applies to:

(>) Real account (B) 7೧೧೫೩೬ account
(¢) Nominal account (12) Naone of the above
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