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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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Question 2 Chapter 2 - Unimax Publications of Class 11
Taking the figures given in above Question, find out the net income according to Accrual Basis of Accounting.
| Total Sales | = Cash Sales + Credit Sales |
| = 90,000+60,000 | |
| = Rs. 1,50,000 |
| Rs | |
| Total Sales | 1,50,000 |
| Less: Total Expenses for the year | 70,000 |
| Net Income | 80,000 |
Note: Rs. 30,000 expenses still to be paid belong to this year and hence to be changed to revenue of this year. Similarly, credit sales of Rs. 60,000 are taken in the year in which sales transact is done.
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Question 2 Chapter 2 - Unimax Publications of Class 11", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Unimax Accountancy Class 11 - 2023.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
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