2 of 3 Question # 1 Revisit State whether the following statements are true or false giving reasons for the same in two lines. a) In a transaction between two states the seller has to collect SGST from the buyer. b) Delay in clearance of cheques deposited into bank in a particular month can be detected by preparing the bank reconciliation statement for that month. c) Capital receipts are very regular in the course of business routine activities. d) IFRS follows historical cost concept while recording fixed assets year after year. e) Profit from the sale of a fixed asset is recorded as income in the Trading Account