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The credit purchase of a fixed asset is recorded in :

October 6, 2021October 6, 2021 Dr. Toran Lal Verma
  1. Purchase book
  2. Cash book
  3. Journal proper
  4. Sales returns book
3. Journal proper

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In a building contract of Rs. 1,50,000, the certified work at the end of financial year is Rs. 1,00,000 and estimated profit is Rs. 12,000. What is the amount of profit to be credited to the Profit and Loss Account assuming cash received ratio to 75% ?
Expenditure incurred as the inauguration of a new factory building is :

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