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Q. 2 On March 31, 2015 after sale of goods worth Rs.50,000, he is left with the closing inventory of Rs.20,000. This is: A. An event B. A transaction C. A transaction as well as an event D. Neither a transaction nor an event?
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Q. 2 On March 31, 2015 after sale of goods worth Rs.50,000, he is left...
Analysis:
Transaction vs Event:
- A transaction involves an exchange of goods or services for money or other goods/services. In this case, the sale of goods worth Rs.50,000 is a transaction as it involves the exchange of goods for money.
- An event is a happening of consequence, but not necessarily involving an exchange. The closing inventory of Rs.20,000 is an event as it represents the value of goods left unsold at the end of the period.
Combination:
- The sale of goods and the closing inventory together represent both a transaction and an event.
- The sale of goods is a transaction as it involves a direct exchange of goods for money, impacting the financial position of the business.
- The closing inventory is an event as it represents the remaining value of goods that were not sold, affecting the overall financial position and performance of the business.
Conclusion:
- In this scenario, the sale of goods and the closing inventory represent both a transaction and an event. The sale of goods is a transaction as it involves a direct exchange, while the closing inventory is an event as it signifies the remaining value of unsold goods. Both of these elements impact the financial position and performance of the business.
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Q. 2 On March 31, 2015 after sale of goods worth Rs.50,000, he is left...
Option (A)
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Q. 2 On March 31, 2015 after sale of goods worth Rs.50,000, he is left with the closing inventory of Rs.20,000. This is: A. An event B. A transaction C. A transaction as well as an event D. Neither a transaction nor an event?
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Q. 2 On March 31, 2015 after sale of goods worth Rs.50,000, he is left with the closing inventory of Rs.20,000. This is: A. An event B. A transaction C. A transaction as well as an event D. Neither a transaction nor an event? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Q. 2 On March 31, 2015 after sale of goods worth Rs.50,000, he is left with the closing inventory of Rs.20,000. This is: A. An event B. A transaction C. A transaction as well as an event D. Neither a transaction nor an event? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Q. 2 On March 31, 2015 after sale of goods worth Rs.50,000, he is left with the closing inventory of Rs.20,000. This is: A. An event B. A transaction C. A transaction as well as an event D. Neither a transaction nor an event?.
Q. 2 On March 31, 2015 after sale of goods worth Rs.50,000, he is left with the closing inventory of Rs.20,000. This is: A. An event B. A transaction C. A transaction as well as an event D. Neither a transaction nor an event? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Q. 2 On March 31, 2015 after sale of goods worth Rs.50,000, he is left with the closing inventory of Rs.20,000. This is: A. An event B. A transaction C. A transaction as well as an event D. Neither a transaction nor an event? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Q. 2 On March 31, 2015 after sale of goods worth Rs.50,000, he is left with the closing inventory of Rs.20,000. This is: A. An event B. A transaction C. A transaction as well as an event D. Neither a transaction nor an event?.
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