Accountancy, asked by akshitasomani4095, 1 year ago

Q2) Mr. Rahul dealing in electronic goods sold 20 TV sets costing `30,000 each at `40,000 each. Out of this, `5, 00,000 were received in cash & the balance is not yet received. State the amount of revenue

Answers

Answered by bhavanibhavs040

Answer:

here is the answer for you

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

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