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Question No: 01 2Ubis'is'amb21972 is a subjective question, hence you have to write your answer in the Text-Field given below. 25706 Mr.Paul, a bank lending officer, is studying the financial statements of Vault, aproprietorship selling dry fruits. Explain whether Vault's financial statements violate, or potentially violate, any accounting principles or assumptions. 20*2 Potem She notes the following in her review: (a) Rent expense includes rent for the proprietor's home. (b) The company has moved from credit to cash-on-delivery terms with suppliers. (c) The cost of land was recorded as 100,000, its estimated market value, rather than its purchase price of 60,000 two years ago. (d) A measuring balance costing 10,000 was expensed immediately, though it is expected to be used for five years. (e) The value of a new manager was recorded as 500,000 based on the advice of the head-hunter. [Marks: 1.5*5=7.5]