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Mr rahul dealing in electronic goods …

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Mr rahul dealing in electronic goods sold 20 TV sets costing 30000 each at 40000 each. out of this 500000 recieved in cash and the balance is not yet recieved. state the amount of revenue.

Posted by Simran Kaur 8 years, 9 months ago

CBSE > Class 11 > Accountancy

1 answers

Poornika Aggarwal 8 years, 8 months ago

According to Accrual basis of accounting, revenues are recognised in the year in which it is earned, irrespective of the year in which the cash is received. Therefore, revenue in this case will be number of articles soild x selling price of each article, i.e. 20 TVs x Rs. 40,000 = Rs. 8,00,000.

Also please note the difference between revenue and profit. Revenue basically means the amount of total sale, whereas profit is the difference between revenue and corresponding cost.

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