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Commerce Marketing Management Difficulty: Medium

Using 'lower of cost and net realisable value' for the purpose of inventory valuation is the implementation of which of the following concepts? Gross Profit Ratio for a firm remains same but the Net Profit Ratio is decreasing. The reason for such behaviour could be: A, B, and C are partners in a firm sharing profit and loss in the ratio of 4 : 3 : 2. They agreed to take D into partnership and gave him $$\frac{1}{8}$$ share. What will be the new profit-sharing ratio? Accumulated depreciation account is shown in the final accounts: For capital gain being long-term capital gain, an assessee should retain the asset for a period of