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On March 31, 2006 after sale of goods worth Rs. 2,000, he is left with the closing stock of Rs. 10,000. This is
  • a)
    An event.
  • b)
    A transaction.
  • c)
    A transaction as well as an event.
  • d)
    Neither a transaction nor an event.
Correct answer is 'A'. Can you explain this answer?
Verified Answer
On March 31, 2006 after sale of goods worth Rs. 2,000, he is left with...
Unsold items i.e Closing stock is captured in the financial statements as 'Current Assets'.
An event can be internal or external. This is an internal event.
There is no exchange of goods or services or money. Hence, it cannot be termed as a 'transaction'.
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Most Upvoted Answer
On March 31, 2006 after sale of goods worth Rs. 2,000, he is left with...
Explanation:

The given scenario is an example of an event as it represents a change in the financial position of the business. While a transaction also involves a change in the financial position, it specifically refers to an exchange of goods or services for money or other goods and services. In this case, the closing stock is not a transaction, but rather a result of previous transactions. Therefore, the correct answer is option A.

In summary, the key points are:

- The scenario involves a change in the financial position of the business.
- A transaction involves an exchange of goods or services for money or other goods and services.
- The closing stock is not a transaction, but rather a result of previous transactions.
- Therefore, the correct answer is option A - an event.
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Community Answer
On March 31, 2006 after sale of goods worth Rs. 2,000, he is left with...
An event is a result or consequesnce of a transaction.
As we can see in this question, after sale of good of rs. 2000 , a stock of rs.10,000 is remained.So its a result after completing the transaction of rs.2000.
Hence its an event.hope it helps u...
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On March 31, 2006 after sale of goods worth Rs. 2,000, he is left with the closing stock of Rs. 10,000. This isa)An event.b)A transaction.c)A transaction as well as an event.d)Neither a transaction nor an event.Correct answer is 'A'. Can you explain this answer?
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