alleryStart learning →Asset cost Rs 1,00,000, worth 1,20,000 at year 1 end, sold for 1,15,000 in year 2. Year 2 gain?
ARs 5,000
BRs 20,000
CRs 15,000
DRs 35,000
Answer & Solution
Correct answer: C. Rs 15,000
Cost of sales is the original 1,00,000, so the whole gain of 15,000 on the 1,15,000 sale falls in year 2.
Keep practising Conceptual Framework for Financial Reporting
Browse all Conceptual Framework for Financial Reporting questions for CA Final, or explore more Financialreporting topics.
Related questions
Ind AS 107 deals with disclosures relating to which subject?Once a company adopts Ind AS, voluntarily or mandatorily:Which body recommends Ind AS to the Ministry of Corporate Affairs?Equity rose from Rs 10,00,000 to 11,50,000; owners added 60,000, dividends 20,000. ComprehConsolidated statements show parent and subsidiaries as:A cash flow statement reports activities under which three heads?Which statement is a snapshot at one date?Foreseeable future for going concern is usually: