In the case of_____, either outflow of resources to settle the obligation is not probable or the amount expected to be paid to settle the liability cannot be measured with sufficient reliability
Contingent liabilities are potential obligations that may arise from past events and their existence is uncertain, depending on the occurrence or non-occurrence of one or more future events not within the control of the entity. When the outflow of resources to settle the obligation is not probable, or the amount cannot be measured with sufficient reliability, the entity recognizes a disclosure in its financial statements in the form of a note or footnote. This disclosure informs the users of the financial statements about the potential liability and the possible impact on the entity's financial position and performance.
A shopkeeper allows 20% discount on his advertised price and to make a profit of 25% on his outlay. What is the advertised price (in Rs.) on which he ga...
Mr. Karma started a Coaching classes and for that he wanted to purchase 50 chairs for the classroom cost of which was Rs.200 each. The trader offered h...
If a company sells a bikes with a marked price of Rs 3,50,000 and gives a discount of 3% on Rs 1,80,000 and 5% on the remaining amount of Rs 1,70,000, t...
A book is listed at Rs. 1200 and the discount offered is 10%. What additional discount must be given to bring the net selling price to Rs. 900?
The price of a printer is marked at Rs 15000. If successive discounts of 10%, 20% and 25% allowed, then at what price does a customer buy it?
A manufacturer marked article at Rs. 450 and sold it allowing 30% discount. If his profit was 25%, then the cost price of the article was
...A trader marks all his goods at 60% above the costs price and offers a discount of 15% on the marked price. What is the actual profit % on...
A watch dealer pays 10% customs duty on a watch which costs Rs.500 abroad. He desires to make a profit of 20% after giving a discount of 25% to the buye...
A merchant marked the price of an article by increasing its production cost by 40%. Now he allows 20% discount and gets a profit of Rs. 48 after selling...
A Shopkeeper marks the price of a refrigerator at Rs. 30,000/- and gives a discount of 15%. He also gives a mixer grinder worth Rs. 1,500 free with the...
