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what is the meaning of Accrual Concept?
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Answer / ankesh gupta
Accrual concept is related to income. it means due but not
received.for eg.i rented my house to tenant @rs 1000 per
month. tenant start living in house from 1 april,09 and
didnot pay any amount till june,09.then 3 months rent
amounting to rs 3000 will be shown in balance sheet on
june, 09. and same is shown in p&l account on credit side.
| Is This Answer Correct ? | 13 Yes | 2 No |
Answer / abdullah amer
Accural Concept implies that revenue is recognizes in the
period in which it is earned irrespective of the fact
whether it is received or not during that period.
| Is This Answer Correct ? | 12 Yes | 1 No |
Answer / h.r. sreepada bhagi
Under Accrual Concept of Accounting, all incomes are
accounted when it happens (Sale of Products or rendering of
Services) and not when the money is received. Expenses are
accounted when they are incurred and not when they are paid.
| Is This Answer Correct ? | 6 Yes | 1 No |
Answer / amar
Accurual conept means the transaction happen in a day we
have to taken the entery just we have to meantion its that
payment will happen credit base are cash base
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / zulkif
The accrual concept in accounting means that expenses and revenues are recorded in the period they occur, whether or not cash is involved.
| Is This Answer Correct ? | 0 Yes | 0 No |
Answer / nandha
Transactions are recorded in the books of accounts. But amount not paid or received yet.
| Is This Answer Correct ? | 0 Yes | 0 No |
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The following figures relate to the trading activities of M/s ABC Traders Ltd for the year ending 31 March 2004. Particulars Amount (Rs) Sales 5,20,000 Opening stock 76,250 Purchases 3,22,250 Closing stock 98,500 Sales return 20,000 Selling and Distribution Expenses Salaries 15,300 Advertising 4,700 Travelling 2,000 Administrative Expenses Salaries 27,000 Rent 2,700 Stationery 2,500 Depreciation 9,300 Other charges 16,500 Provision for tax 4,000 Non Operating Income Dividend on shares 9,000 Profit on sales of shares 3,000 Non Operating Expenses Loss on sale of fixed asset 4,000 You are required to: (i) Arrange the above figures in a form suitable for analysis. (ii) Show separately the following ratios. Net profit ratio Operating ratio Stock turnover ratio
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