During the year 2020, Mr. Ahmed purchased goods for $ 500, 000 and sold 3/5th of the goods for $ 500, 000 and met expenses amounting $ 150, 000. He counted net profit as $ 50, 000. Which of the accounting concept was followed by * ?him Entity O Matching O Periodicity O Conservatism O
During the year 2020, Mr. Ahmed purchased goods for $ 500, 000 and sold 3/5th of the goods for $ 500, 000 and met expenses amounting $ 150, 000. He counted net profit as $ 50, 000. Which of the accounting concept was followed by * ?him Entity O Matching O Periodicity O Conservatism O
Chapter17: Property Transactions: § 1231 And Recapture Provisions
Section: Chapter Questions
Problem 24CE
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Transcribed Image Text:During the year 2020, Mr. Ahmed
purchased goods for $ 500, 000 and sold
3/5th of the goods for $ 50O, 000 and
met expenses amounting $ 150, 000. He
counted net profit as $ 50, 000. Which of
the accounting concept was followed by
* ?him
Entity O
Matching O
Periodicity O
Conservatism O
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