Mr Rohit, Owner of Rohit Furniture Ltd

Multiple Choice

Mr. Rohit, owner of Rohit Furniture Ltd., owns a personal residence that cost ` 6,00,000, but has a market value of ` 9,00,000. During preparation of the financial statement for the business, the entire value of property was ignored and was not shown in the financial statements. The principle that was followed was

A) The concept of the Business Entity
B) The concept of the Cost Principle
C) The concept of Going Concern Principle
D) The concept of Duality Principle