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Question
Under which head following revenue items of a financial company will be classified or shown:
(i) Gain (Profit) on Sale of Building;
(ii) Revenue from Project Consultancy Rendered;
(iii) Sale of Scrap;
(iv) Interest earned on Loans; and
(v) Gain (Profit) on sale of Investments?
Solution
| ITEMS | HEAD |
| Profit on Sale of Building | Other Income |
| Revenue from Project Consultancy Rendered | Other Income |
| Sale of scrap | Other Income |
| Interest earned or Loans | Revenue from Operations |
| Profit on Sale of Investment | Revenue from Operations |
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Long Answer Question
Explain how financial statements are useful to the various parties who are interested in the affairs of an undertaking?
Under which head following revenue items of non-financial company will be classified or shown:
(i) Gain (Profit) on Sale of Fixed Asset;
(ii) Fee Received for Arranging Loans;
(iii) Interest on Loans Given;
(iv) Gain (Profit) on Sale of Investments and
(v) Sale of Miscellaneous Items?
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