Question
A company pays insurance premium of ₹24,000 for 12
months in advance in March 2025 for the period January 2025 to December 2025. The accountant records the entire amount in the Profit & Loss account of FY 2024–25. Is this treatment appropriate?Solution
Matching principle requires expenses to be recognised in the period they relate to. ₹18,000 is for April–Dec 2025 and should be treated as prepaid.
Who lives just above Y’s floor?
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In the following question, select the related word pair from the given alternatives.
Poem: Poetry
Statements: P ≥ Q > R, U ≤ T ≤ S = R, X ≤ W ≤ V = U
Conclusion:
I. R ≥ W
II. W = U
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INTEGRAL
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