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Purchase returns?
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our company purchased a used Forklift car. it is 6 year old. since it has reached its depreciated value, do i need to take it as a Fixed Asset? or just book it as an expense ?
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While finalizing the current year’s profit, the company realized that there was an error in the valuation of closing stock of the previous year. In the previous year, closing stock was valued more by Rs.50,000. As a result (a) Previous year’s profit is overstated and current year’s profit is also overstated (b) Previous year’s profit is understated and current year’s profit is overstated (c) Previous year’s profit is understated and current year’s profit is also understated (d) Previous year’s profit is overstated and current year’s profit is understated
what is golden rule of accounting
2 Answers Ahmed Amin Group, TATA,
Explain what is the disadvantage of double entry system?
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