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Question 1 reset
Lease rent paid by lessee is not an expense.
Question 2 reset
Lessor can claim depreciation on leased assets.
Question 3 reset
In an operative lease, period of lease is much less compared to the economic life of the asset.
Question 4 reset
In hire purchase transactions, the buyer pays the price in instalment.
Question 5 reset
n hire purchase, ownership of goods passes to the buyer on payment of ________ instalment.
Question 6 reset
The ownership of goods passes to the buyer immediately in Hire Purchase system.
Question 7 reset
The person who purchases goods on hire purchase basis is called Hire Vendor.
Question 8 reset
A debit balance in a joint venture account indicates
Question 9 reset
The Co-venturers always share the profits equally.
Question 10 reset

Find Gross Profit if

  • Total Revenue = 35000
  • Cost of Goods Sold = 25000

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