Double Entry Book Keeping Ts Grewal (2016) Solutions for Class 11 Commerce Accountancy Chapter 1 Bases Of Accounting are provided here with simple step-by-step explanations. These solutions for Bases Of Accounting are extremely popular among class 11 Commerce students for Accountancy Bases Of Accounting Solutions come handy for quickly completing your homework and preparing for exams. All questions and answers from the Double Entry Book Keeping Ts Grewal (2016) Book of class 11 Commerce Accountancy Chapter 1 are provided here for you for free. You will also love the ad-free experience on Meritnation’s Double Entry Book Keeping Ts Grewal (2016) Solutions. All Double Entry Book Keeping Ts Grewal (2016) Solutions for class 11 Commerce Accountancy are prepared by experts and are 100% accurate.

Page No 5.7:

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:

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:

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:

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.



View NCERT Solutions for all chapters of Class 13