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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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