Q. A firm has reported a profit of Rs.1,47,000 for the year ended 31-3-2014 after taking into consideration the following items.(i) The cost of an asset Rs.23,000 has been taken as an expense_new_line_(ii) The firm anticipated a profit of Rs.12,000 on the sale of an old furniture_new_line_(iii) Salary of Rs.7,000 outstanding for the year has not been taken into account._new_line_(iv) An asset of Rs.85,000 was purchased for Rs.75,000 and was recorded in the books at Rs.85,000._new_line_What is the correct amount of profit to be reported in the books? (Solved)