A proprietor X has a reported a profit of Rs.1,00,000 at the end of the financial year after taking into consideration the following amount (I) the cost of an asset of Rs.10,000 has been taken as an expenses (ii) X is anticipating a profit of Rs.5,000 on the future sale of a car shown as an asset in his books (iii) salary of Rs.200 payable in the financial year has not been taken into account (iv) X purchased an asset for Rs.50,000 but its fair value on the date of purchase was Rs.60,000.X recorded the value of asset in his book at Rs.60,000.On the basis of the above facts answers the following question from the given choice ? 1. which measurement base should be followed in the statement
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