Answer to Question #148699 in Other for Sushil Bhagat

Question #148699
3. Discuss for question (a) and (b)
- Define and identify the type of Income / Expenses
- Treatment of the Income / Expenses in the Profit and Loss account, Impact of the
Income / Expenses in the Balance Sheet
a. You purchased 10 shares of L& T Company last year. On 5th March 2019, the
company has declared a dividend Rs 50 per share. The income is earned but not yet
collected in your account during this financial year.
b. On 5th March 2019, Mehta Brothers received 100% advance for goods, to be supplied
in the next month. The Cost of the goods was Rs50000. They usually sells the goods at
10% mark up.
Expert's answer
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