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Question

Mr. John has acquired a floor of a building having 3 halls for Rs 1,500 per month. He uses two halls for his business and one for personal purpose. According to the business entity concept how much rent shall be recorded in the books?


A
Rs 1000
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B
Rs 1500
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C
 Rs 500
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D
Nil
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Solution

The correct option is D Rs 1000
According to the business entity concept, rent of two halls used for his business i.e. Rs 1000 shall be recorded in the books.

Accountancy

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