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Let Selling price = 100 and Profit = 70 Then, CP = 100 – 70 = 30 Increased in CP = (80/100) × 30 = 24 New CP = 30 + 24 = 54 Profit% = [(100 – 54)/100] × 100 = 46%
An enterprise follows accrual basis of accounting and records revenue when it is earned and expenses when incurred. A client makes an advance payment of...
A trader maintains accounts on cash basis and records revenue only when received. Which fundamental accounting assumption is not followed?
XYZ Ltd. incurred R&D expenses of ₹20 lakhs for developing a new product. The product has not yet reached the commercialisation stage. How should the ...