Question
Briefly explain the elements of Statement of Comprehensive Income.
✓
Answer
A Statement of Comprehensive Income comprises of two statements, i.e., Income Statement and a Statement of Comprehensive Income are prepared. The Statement of Comprehensive Income reconciles the income or loss as per Income Statement with total comprehensive income. The elements or contents of the statement are:
- Revenue: It increases the economic benefit during the accounting period because of business operations and increase in the value of assets or decrease in liabilities, As a result of it, value of shareholders equity increases.
- Expense: It is a decrease in economic benefits in the form of outflows during the accounting period because of business operations and/or decrease in the value of assets or increase in liabilities. As a result of it, value of shareholders equity decreases.
Need a full question paper?
Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.
Explore more
Similar questions
Why is the accrual basis of accounting better than the cash basis of accounting?
“Only financial transactions are recorded in accounting." Explain the statement.
Give one example of error of Omission?
What is the reason for agreement of a Trial Balance?
What is the purpose of posting J.F. numbers at the time entries are posted to the accounts.
Open a 'T' shape account for machinery and put the following transactions on the proper side:
|
S.No
|
|
₹
|
|
i
|
Machinery purchased
|
40,000
|
|
ii
|
Machinery sold
|
10,000
|
|
iii
|
Machinery purchased
|
8,000
|
|
iv
|
Machinery discarded
|
14,000
|
|
v
|
Depreciation on machinery
|
1,000
|
Fill in the missing figures, assuming CGST @ SGST @ 6%:
What are compound journal entries? Give an example.
On 1st April, 2019, the position of Tendulkar was as follows: Stock-in-Hand ₹ 2,88,000; Bills Payable ₹ 48,000; Cash at Bank ₹ 2,16,000; Plant and Machinery ₹ 1,20,000; Debtors ₹ 60,000; Creditors ₹ 96,000; Investment ₹ 2,40,000, Loan from Suresh ₹ 1,80,000. What was the amount of Tendulkar's capital on the date? Pass an opening Journal entry.
Prepare the Vouchers to be recorded in the books of M/s Elegant Furnitures, New Delhi:
Transactions marked with * are subject to levy of CGST and SGST @ 6% each.
|
2019
|
Particular
|
₹
|
|
Jan-1
|
Bought furniture from Modern Furniture for cash vide Cash Memo No. 241*
|
7,500
|
|
Jan-8
|
Paid cash to Mani & Sons for purchase of 2 machines vide Cash Memo No. 1230*
|
5,000
|
|
Jan-20
|
Paid for conveyance
|
150
|
|
Jan-27
|
Sold old typewriter for cash vide cash receipt No. 314*
|
500
|