M/S manish Boutique Ltd. During the year Manish Malhotra had taken home some clothing fabric from his boutique to present his wife a new suit for her birthday. He has included the cost of stock Rs 12000as a business expense while calculating the profits, which came to Rs.62,000. Based on this information, what will be the profit? a)The _ concept applies here and the profit figure should be Rs._?

M/S manish Boutique Ltd. During the year Manish Malhotra had taken home some clothing fabric from his boutique to present his wife a new suit for her birthday. He has included the cost of stock Rs 12000as a business expense while calculating the profits, which came to Rs.62,000. Based on this information, what will be the profit? a)The _ concept applies here and the profit figure should be Rs._?

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements

Section: Chapter Questions

Problem 6QY: What would be the net income for Floress Catering? a. 45,500 b. 16,800 c. 19,800 d. 10,800

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