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Page No 5.7:

Question 1:

Answer:

Calculation of Mohan’s income for the year 2015-2016 as per the Cash Basis of Accounting

 

Particulars

Amount

(Rs)

Revenue (i.e. Cash Sales)

90,000

Less: Expenses (70,000 – 30,000)

40,000

Income/Profit during the year

50,000

 

 

 

Thus, Income of Mohan for the year 2015-2016 is Rs 50,000.

 

Note: If cash basis of accounting is followed, then credit sales and outstanding expenses are not accounted.

Page No 5.7:

Question 2:

Calculation of Mohan’s income for the year 2015-2016 as per the Cash Basis of Accounting

 

Particulars

Amount

(Rs)

Revenue (i.e. Cash Sales)

90,000

Less: Expenses (70,000 – 30,000)

40,000

Income/Profit during the year

50,000

 

 

 

Thus, Income of Mohan for the year 2015-2016 is Rs 50,000.

 

Note: If cash basis of accounting is followed, then credit sales and outstanding expenses are not accounted.

Answer:

Calculation of Mohan’s income for the year 2015-2016 as per the Accrual Basis of Accounting

 

Particulars

Amount

(Rs)

Revenue (i.e. Cash Sales + Credit Sales)

1,50,000

Less: Total Expenses

70,000

Income/Profit during the year

80,000

 

 

 

Thus, Net Income of Mohan for the year 2015-2016 is Rs 80,000



Page No 5.8:

Question 3:

Calculation of Mohan’s income for the year 2015-2016 as per the Accrual Basis of Accounting

 

Particulars

Amount

(Rs)

Revenue (i.e. Cash Sales + Credit Sales)

1,50,000

Less: Total Expenses

70,000

Income/Profit during the year

80,000

 

 

 

Thus, Net Income of Mohan for the year 2015-2016 is Rs 80,000

Answer:

(i) Calculation of Naren’s income for the year 2015-2016 as per the Cash Basis of Accounting

Particulars

Amount

(Rs)

Revenue (i.e. Income Received)

2,40,000

Less: Expenses (i.e. Expenses paid + Expenses paid in advance)

2,00,000

Income/Profit during the year

40,000

 

 

 

Thus, Net Income of Naren for the year 2015-2016 is Rs 40,000.

 

(ii) Calculation of Naren’s income for the year 2015-2016 as per the Accrual Basis of Accounting

Particulars

Amount

(Rs)

Revenue

 (i.e. Income Received + Income not yet received – Income received in advance)

2,37,000

Less: Expenses (i.e. Expenses paid + Expenses not yet paid)

1,90,000

Income/Profit during the year

47,000

 

 

 

Thus, Net Income of Naren for the year 2015-2016 is Rs 47,000.

Page No 5.8:

Question 4:

(i) Calculation of Naren’s income for the year 2015-2016 as per the Cash Basis of Accounting

Particulars

Amount

(Rs)

Revenue (i.e. Income Received)

2,40,000

Less: Expenses (i.e. Expenses paid + Expenses paid in advance)

2,00,000

Income/Profit during the year

40,000

 

 

 

Thus, Net Income of Naren for the year 2015-2016 is Rs 40,000.

 

(ii) Calculation of Naren’s income for the year 2015-2016 as per the Accrual Basis of Accounting

Particulars

Amount

(Rs)

Revenue

 (i.e. Income Received + Income not yet received – Income received in advance)

2,37,000

Less: Expenses (i.e. Expenses paid + Expenses not yet paid)

1,90,000

Income/Profit during the year

47,000

 

 

 

Thus, Net Income of Naren for the year 2015-2016 is Rs 47,000.

Answer:

(i) Calculation of Mohan’s income for the year 2015-2016 as per the Cash Basis of Accounting

Particulars

Amount

(Rs)

Revenue (i.e. Income Received)

1,20,000

Less: Expenses (i.e. Expenses paid)

80,000

Income/Profit during the year

40,000

 

 

 

Thus, Net Income of Mohan for the year 2015-2016 is Rs 40,000.

(ii) Calculation of Mohan’s income for the year 2015-2016 as per the Accrual Basis of Accounting

Particulars

Amount

(Rs)

Revenue

(i.e. Income Received + Income earned but not year received – Income Received in Advance)

1,17,000

Less: Expenses (i.e. Expenses paid + Outstanding Expenses – Expenses paid in advance)

70,000

Income/Profit during the year

47,000

 

 

 

Thus, Net Income of Mohan for the year 2015-2016 is Rs 47,000.



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