Question 1 Chapter 2 - Unimax Publications of Class 11

Question 1 Chapter 2 - Unimax During the financial year 2019-20, Sumit had cash sales of Rs. 90,000 and credit sales of Rs. 60,000. His expenses for the year were Rs. 70,000 out of which Rs. 30,000 is still to be paid. Find out Sumit's income for 2019-20 following the cash basis of accounting. The solution of Question 1 Chapter 2 - Unimax: Rs Revenues (Inflow of Cash i.e. Cash Sales) 90,000 Less: Expenses (Outflow of Cash) (70,000-30,000) 40,000 Net Income 50,000 Note: Credit

Question 2 Chapter 2 - Unimax Publications of Class 11

Question 2 Chapter 2 - Unimax Taking the figures given in above Question, find out the net income according to Accrual Basis of Accounting. The solution of Question 2 Chapter 2 - Unimax: 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 charged to revenu

Question 3 Chapter 2 - Unimax Publications of Class 11

Question 3 Chapter 2 - Unimax Atul , a consultant, during the financial year 2019-20 earned Rs. 4,00,000. Out of which he received Rs. 3,50,000. He incurred an expense of Rs. 1,70,000, out of which Rs. 40,000 are outstanding. He also received consultancy fee relating to previous year Rs. 45,000 and also paid Rs. 20,000 expenses of last year. You are required to determine his income for the year, if (a) He follows Cash Basis of Accounting and(b) He follows Accrual Basis of Accounting. The soluti

Question 1 Chapter 2 - Unimax Publications of Class 11

Question 1 Chapter 2 - Unimax During the financial year 2019-20, Sumit had cash sales of Rs. 90,000 and credit sales of Rs. 60,000. His expenses for the year were Rs. 70,000 out of which Rs. 30,000 is still to be paid. Find out Sumit's income for 2019-20 following the cash basis of accounting. The solution of Question 1 Chapter 2 - Unimax: Rs Revenues (Inflow of Cash i.e. Cash Sales) 90,000 Less: Expenses (Outflow of Cash) (70,000-30,000) 40,000 Net Income 50,000 Note: Credit

Question 2 Chapter 2 - Unimax Publications of Class 11

Question 2 Chapter 2 - Unimax Taking the figures given in above Question, find out the net income according to Accrual Basis of Accounting. The solution of Question 2 Chapter 2 - Unimax: 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 charged to revenu

Question 3 Chapter 2 - Unimax Publications of Class 11

Question 3 Chapter 2 - Unimax Atul , a consultant, during the financial year 2019-20 earned Rs. 4,00,000. Out of which he received Rs. 3,50,000. He incurred an expense of Rs. 1,70,000, out of which Rs. 40,000 are outstanding. He also received consultancy fee relating to previous year Rs. 45,000 and also paid Rs. 20,000 expenses of last year. You are required to determine his income for the year, if (a) He follows Cash Basis of Accounting and(b) He follows Accrual Basis of Accounting. The soluti

Unimax class 11 - 2021 Solutions Chapter No. 2 Theory Base of Accounting - Unimax +1 – Detailed Q&A

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💡 Double Entry Accounting Principles

Accounting Equation: Assets = Liabilities + Owner's Equity.
Dual Aspect Concept: Every transaction has a double effect (debit and credit).
Going Concern: Assumes the business will continue operations indefinitely.

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Q1. Question 1 Chapter 2 - Unimax Publications of Clas...
Q2. Question 2 Chapter 2 - Unimax Publications of Clas...
Q3. Question 3 Chapter 2 - Unimax Publications of Clas...

Chapter No. 2 Theory Base of Accounting - Unimax +1

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Unimax class 11 - 2021 Solutions Chapter No. 2 Theory Base of Accounting - Unimax +1

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💡 Double Entry Accounting Principles

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Question 1 Chapter 2 - Unimax Publications of Class 11

The solution of Question 1 Chapter 2 - Unimax:

Question 2 Chapter 2 - Unimax Publications of Class 11

Question 3 Chapter 2 - Unimax Publications of Class 11

Sarbjit SinghB.Com and M.Com

	Rs
Revenues (Inflow of Cash i.e. Cash Sales)	90,000
Less: Expenses (Outflow of Cash) (70,000-30,000)	40,000
Net Income	50,000