Question
An entity sells a factory building held for 20 years. The legal title transfer occurs on 30 September; economic control passed and risks transferred on 15 September when buyer took possession and started using it. The buyer paid full consideration on 10 October. When should the seller derecognise the building and recognise profit or loss?
More Accounts Questions
- For each registration, a separate GST Registration No (i.e., GSTIN) of ______ digits is allotted.
- Select the type of assets against the items given below. (i) Goodwill (ii) Bills Receivable (iii) Preliminary Expenses (iv) Land & Building A. (i) Tan...
- Underwriting commission for issue of shares, shall not exceed:
- Which of the following correctly defines 'Cumulative Preference Shares' as distinct from 'Non-Cumulative Preference Shares'?
- Calculate interest coverage ratio from the following: Net Profit after tax = 120000, tax rate = 50%, long term debt @10% = 1500000
- Which of the following is NOT an admissible expense while computing business income?
- Which of the following is NOT a component of an accounting system?
- Which of the following is time spann into which the total life of a business is divided for the purpose of preparing financial statements?
- How is an increase in a Non-Current Asset (such as Machinery or Land) accounted for in a Fund Flow Statement?
- Who is called father of modern accountancy who also described the duties and responsibilities of auditor?
Hey! Ask a query
Please enter email id
The email must be a valid email address.
Please enter Mobile Number
Please enter valid Mobile Number
Please enter your Doubt
Think You're Ready for RBI Grade B?
RBI Grade B 2026 Phase 1 Memory Based Paper
- 200 Questions with Detailed Solutions
- Section-wise Coverage (GA, English, Quant & Reasoning)