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State the accounting concepts or convention …

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State the accounting concepts or convention involved in each of the following situations (1)Advance received from customer is not treated as income. (2)Goods sold on credit to Harish. Harish Account is debited and Sales a/c is credited. (3)Ramesh purchased a printing machine for 7 lakh on 1 april 2017 and on 31.3.2019 its market value is 12 lakh . Ramesh can record it at 7 lakh only.

Posted by Sneha Yadav 4 years ago

CBSE > Class 11 > Accountancy

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