1) ERROR OF PRINCIPLE
2) Rs. 500,000/-.
3) 14,40,000
4) Profit=2,00,000
Explanation:
1)
Error Committed by Mr. Imran is "ERROR OF PRINCIPLE" . Error of Principle Means a transaction which is not in accordance with Generally accepted accounting principle( GAAP). In this case Mr. Imran has wrongly debited to revenue expenditure instead of debiting to Plant and machinery.
2)
The assets side of Balance sheet is understated by Rs. 500,000/-.
3)
Fixed Assets correct amount= Fixed assets before correcting the errors + installation charges
=9,40,000+5,00,000
=14,40,000
4)
Correct Profit= Profit/(loss) Before correcting the error+Installation Charges
Profit= (3,00,000)+5,00,000
Profit=2,00,000
Explanation:
Training and development would be an essential item to entrust to specialists at the beginning of a new business, because, due to the lack of marketing experience, the new entrepreneur might not obtain essential techniques to train his collaborators and the specialists would assist with essential techniques and tools for development of employee capacities, in addition to implementing training in line with organizational objectives and goals in a more effective and efficient manner.
Answer:
C. There is an increase in the price of candies and a decrease in the quantity of candies.
Answer:
B.
Explanation:
The benefits of bank reconciliation is to detect errors such as double payments, missed payments, calculation errors etc.
Therefore they will be no need for adjustment to be recorded for bank errors, outstanding checks, and deposits in transit.
