alleryStart learning →Rent of Rs 25,000 for last year was omitted by error and received now. Other profit is Rs 2,00,000. Net profit?
ARs 1,75,000
BRs 2,25,000
CRs 2,00,000
DRs 2,50,000
Answer & Solution
Correct answer: B. Rs 2,25,000
The omitted income is a prior period item included in current profit: 2,00,000 + 25,000 = Rs 2,25,000.
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