Accounting principles

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Saanya (Querist)
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27 August 2015 A Has Reported a profit of 125000 at the end of financial year considering,Cost Of An Asset 25000 taken as expense,A Is Anticipating Profit 10000 on future sale shown as asset,salary 700 payable in the financial year not taken into account,A Purchased an asset for 75000 but it fair value on the date of purchase was 85000.A recorded the value of asset in his books by 85000. What is the correct amount of profit?

Amol S Joglekar

Amol S Joglekar (Expert)
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27 August 2015 In the absence of any information about the rate of depreciation, the profit would be

125000 + 25000 -700 = 149,700

Amol S Joglekar

Amol S Joglekar (Expert)
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27 August 2015 soryy, it should be 149,300 and not 149,700

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