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CBSE Class 11-commerce Answered

Ascertain the amount of current revenue realized for the year ending 31st December 2006 (i) An order, to supply goods for Rs.20,00,000 is received in the year 2006. The goods have been supplied only for Rs.10,00,000 in 2006. (ii) What will be the revenue (i) if the payment of Rs.6,00,000 is received in cash in 2006 and the balance payment of Rs.4,00,000 received in 2007. (iii) What will be the revenue if the goods have been sold on credit and the payment of Rs.1500000 is received in the year 2007, while all the goods of Rs.20,00,000 are supplied in the year 2006. (iv) What will be the revenue if an advance payment of Rs.100,000 is received in the year 2006 and the balance received in the year 2007.
Asked by abhilashpattnaik873 | 17 Nov, 2018, 06:20: PM
answered-by-expert Expert Answer
The revenue to be realised for the year ending Dec. 31, 2018 is governed by the Realisation Concept. The realisation concept states that, "the reveneue is said to have been realised when cash has been received or right to receive cash on sale of goods or services or both has been created." Accordingly, revenue realised for the year would be:
(i) Rs 10,00,000
(ii) Rs 10,00,000
(iii) Rs 20,00,000
(iv) Rs 1,00,000
Answered by | 19 Nov, 2018, 09:49: AM
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