Question
If rights and beneficial interest in a property is
transferred but documentation and legal formalities are pending then seller & purchaser should record in their accounts as sale & purchase. Which principle is applied hereSolution
The principle of "substance over form" emphasizes that the economic reality of a transaction should be considered more important than its legal or accounting treatment. In the scenario described, where rights and beneficial interest have been transferred even though documentation and legal formalities are pending, recognizing the transaction as a sale and purchase reflects the substance of the transaction, as opposed to just the legal form.
Statements: All cans are vessels.
Some vessels are jars.
All jars are containers.
Some container...
Statement:
Some P are Q
Only a few R are S.
Only a few S are T.
Some S are P.
Conclusion:
I. All R can b...
Read the given statements and conclusions carefully. Assuming that the information given in the statements is true, even if it appears to be at varianc...
Statements:
Some plates are spoons.
All spoons are cups.
No cup is a fork.
Conclusions:
I. Some plates are cup...
Statements :
All sparrows are parrots.
No parrot is bird.
All birds are peacocks.
Conclusions:
I. Some birds are ...
have to take the three given statements to be true even if they seem to be at variance from commonly known facts and then decide which of the given co...
Conclusions:
I. Some Flats are Buildings.
II. Some Apartments are Flats.
III. No Building is a Roof.
Statements:
In the questions given below, there are three statements followed by three conclusions I, II and III. You have to take the three given statements to be...
Statement: S < T ≥ O = R; T < V
Conclusion:
I. V > S
II. R < V
Statements : Some eggs are chickens.
No chicken is a hen.
No hen is a pigeon.
Conclusions : I. Some eggs may be hens.
II....
