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Purpose of Financial Statements

Under which h...

Question

Under which head the following items of a non-financial company will be shown :

(i) Sales (ii) Sale of Scrap (iii) Dividend received (iv) Interest earned (v) Profit on sale of fixed asset and (vi) Profit on sale of investments.

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Solution

Revenue from Operations : Sales and Sale of Scrap.

Other Income : Dividend received, Interest earned, Profit on sale of fixed asset and Profit on sale of investments.

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