Question
Ramesh shows a profit of Rs. 5,00,000 for the year ended
31.3.2017. The figure has been arrived at after charging following against revenue: Purchase of Car for use in business Rs. 2,00,000 and treated as vehicle expenses. Omitting to record unpaid electricity bills for March 2017 of Rs. 50,000. The correct profit for the year ended 31st March 2017 is:Solution
Correct profit will be Rs.6,50,000 (Rs. 5,00,000 + 2,00,000 less Rs. 50,000). [Purchase of car is an asset for a company hence must not be treated as an expense and electricity bill for March 2017 must be recorded as per accrual concept]
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