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
- Which source of finance typically has the lowest cost of capital?
- Any casual vacancy in the office of an auditor shall in the case of a company whose accounts are subject to audit by an auditor appointed by the Comptrolle...
- Selling price = ₹100/unit, Variable cost = ₹60/unit, Fixed cost = ₹4,00,000. Sales = 12,000 units. Calculate sales amount if the desired profit is ₹80,000....
- With respect to time value of money, which of the following statement is incorrect?
- What does CBLO stand for?
- Which of the following is an example of pure risk?
- What is the due date for filing GSTR-9, the annual return, as per GST law?
- The insurer leases 15 branch premises (3–5 years) with renewal options it is reasonably certain to exercise. Rent has fixed and variable (sales-linked) com...
- XYZ Ltd. has furnished the following details to the bank while seeking working capital finance for the upcoming financial year: • Total Current Assets (TC...
- Which Section of the Indian Partnership Act, 1932, defines 'Partnership at will'?
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)