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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Transport expense were reimbursed by the supplier Pass journal entry
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