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what is consignment entry?
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Answer / rangareddy
Consignment account
(With the amount spent as expenses)
To Bank account
| Is This Answer Correct ? | 1 Yes | 11 No |
Withdrawn ₹ 10000 for personal use. [journlise it]
Mr. A purchased a machinery costing Rs. 1,00,000 on 1st October, 2005. Transportation and installation charges were incurred amounting Rs. 10,000 and Rs. 4,000 respectively. Dismantling charges of the old machine in place of which new machine was purchased amounted Rs. 10,000. Market value of the machine was estimated at Rs. 1,20,000 on 31st March 2006. While finalising the annual accounts, A values the machinery at Rs. 1,20,000 in his books. Which of the following concepts was violated by A? (a) Cost concept (b) Matching concept (c) Realisation concept (d) Periodicity concept.
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