If one of the cars purchased by a car dealer is used for business purpose, instead of resale, then it should be recorded by_____

Related MCQs

• A firm has reported a profit of Rs.1,47,000 for the year ended 31-3-2014 after taking into consideration the following items. (i) The cost of an asset Rs.23,000 has been taken as an expense (ii) The firm anticipated a profit of Rs.12,000 on the sale of an old furniture (iii) Salary of Rs.7,000 outstanding for the year has not been taken into account. (iv) An asset of Rs.85,000 was purchased for Rs.75,000 and was recorded in the books at Rs.85,000. What is the correct amount of profit to be reported in the books?
• According to the money measurement concept, the following will be recorded in the books of account of the business:
• The rate of trade discount varies with the ----------- purchased
• The rate of trade discount varies with the ----------- purchased
• Which key is pressed to post entries in double entry accounting system instead of single entry system in Tally.ERP9?
• A trader purchases goods for Rs. 2500000, of these 70% of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were Rs. 500000. But the trader recorded in his books for Rs. 750000. Which of the following concept is violated?
• Rs.10, 000 withdrawn from State Bank. In which voucher type this transaction will be recorded?
• In which voucher type credit sales is recorded in Tally?
• Rohit carrying on real estate business sold a piece of land for Rs.4,00,00,000 (cost Rs.3,50,00,000) then the type of receipt is ______ nature and profit on sale is
• A............. serves the purpose of both journal and ledger accounts