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A firm earns a revenue of …

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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 5 years, 1 month ago

    CBSE > Class 11 > Accountancy
    • 2 answers

    Dhruv Bansal 5 years, 1 month ago

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

    0Thank You

    Gaurav Seth 5 years, 1 month 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

    1Thank You

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