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A firm earns a revenue of Rs.50, 000 and the expenses to earn this revenue are Rs.30,000. Calculate its income

Posted by Sneha Yadav 4 years ago

CBSE > Class 11 > Accountancy

2 answers

Dhruv Bansal 4 years ago

Income= Revenue- Expenses = 50,000-30,000 =20,000

Gaurav Seth 4 years ago

'Matching concept ' is one of the fundamental assumptions and has a significance in accounting. It entails that expenses should be matched with the income of that accounting period in order to obtain/ascertain the financial result of that period.....So for this purpose..we will match expenses with revenue of that period...

Given Revenue= 21000
Expenses = 15000

Income will be = revenue - expenses= 21000 - 15000 = 6000

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