CA Foundation Exam > CA Foundation Questions > On January 1, Sohan paid rent of Rs. 5,000. T...
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On January 1, Sohan paid rent of Rs. 5,000. This can be classified as
- a)An event.
- b)A transaction.
- c)A transaction as well as an event.
- d)Neither a transaction nor an event.
Correct answer is 'B'. Can you explain this answer?
Most Upvoted Answer
On January 1, Sohan paid rent of Rs. 5,000. This can be classified asa...
A rent can be a office rent then it will be a transaction according to book-keeping OR if a rent is house rent then it is not consider as a transaction.
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On January 1, Sohan paid rent of Rs. 5,000. This can be classified asa...
Explanation:
Transaction:
A transaction is an exchange of goods or services between two or more parties that involves a monetary exchange. In this case, Sohan paid rent of Rs. 5,000, which involves a monetary exchange, making it a transaction.
Event:
An event is any occurrence that affects the financial position of a business. In this case, paying rent does affect the financial position of the business, making it an event.
Conclusion:
Therefore, paying rent of Rs. 5,000 is both a transaction and an event because it involves a monetary exchange and affects the financial position of the business. The correct option is B.
Transaction:
A transaction is an exchange of goods or services between two or more parties that involves a monetary exchange. In this case, Sohan paid rent of Rs. 5,000, which involves a monetary exchange, making it a transaction.
Event:
An event is any occurrence that affects the financial position of a business. In this case, paying rent does affect the financial position of the business, making it an event.
Conclusion:
Therefore, paying rent of Rs. 5,000 is both a transaction and an event because it involves a monetary exchange and affects the financial position of the business. The correct option is B.
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On January 1, Sohan paid rent of Rs. 5,000. This can be classified asa)An event.b)A transaction.c)A transaction as well as an event.d)Neither a transaction nor an event.Correct answer is 'B'. Can you explain this answer?
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