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What is the difference between accountancy and book keeping

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Reference no: EM132595760

Question a: What is the meaning of cost concept? Give an example.

Question b: What is the difference between accountancy and book keeping? Illustrate with example

Work out the cost of a machine purchased by Mr X from Bengaluru and erected at NOIDA?

1. Invoice value: Rs 450000 (it includes GST of Rs 48645)

2. Transit insurance: Rs 3000

3. Freight: Rs 4000

4. Loading charges: Rs 300

5. Offloading charge: Rs 350

6. Erection charges: Rs 2500

7. Fire insurance: Rs 2750

The machine was installed in the factory on 12.05.20 but its value has gone up and invoice value of purchase of the same machinery as on date is Rs 500000.00.

What is the value of machine in the books of accounts of Mr. X as on date?

Reference no: EM132595760

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