Mohan purchased goods for Rs. 15,00,000 and sold 4/5th of the goods amounting Rs. 18,00,000 and paid….

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  • 04/25/2019 at 2:39 pm #618158 Reply
     EduGorilla 
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    Mohan purchased goods for Rs. 15,00,000 and sold 4/5th of the goods amounting Rs. 18,00,000 and paid expenses amounting Rs. 2,70,000 during the year 2005. He paid Rs. 5000 for an electricity bill of December 2004 and advance salaries amounting Rs. 15,000 paid for the month of January in year 2006. He counted net profit as Rs. 3,50,000. The profit calculated by him is correct according to which of the following concepts?

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    1. Entity
    2. Periodicity
    3. Matching
    4. Conservatism
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