CBSE Class 11-commerce Answered
According
to the cost concept, what is to be included in the purchase price of the
asset?
Asked by Topperlearning User | 09 Jun, 2016, 12:29: PM
Expert Answer
According to the cost concept, all the assets are recorded in the books of account at the purchase price. The purchase price includes the cost of acquisition, transportation expenses, installation charges and other expenses incurred to make the asset ready to use.
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