Valuation of receipts
Give a brief introduction of the term ‘valuation of receipts’?
Expert
Valuation of receipts is the price billed in the invoices through the supplier. Following points must be kept in mind for this function: -The trade discount is subtracted from the essential price and all other amounts as billed through the supplier are added, such as sales tax, excise duty, octroi duty, and so forth. -Joint costs might be distributed on the base of the essential price of the material. -In case of imported material, the cost of the material comprise a basic price, clearing charges, customs duty, transport chares, and so forth.
Rs. Sales 2,40,000 Variable costs 1,44,000 Fixed costs 26,000 Profit before tax 70,000 Rate of tax 40% Firm is proposing to buy the new plant that could generate extra annual profit of Rs. 10,000. The fixed cost of new plant is expected to Rs. 4000. New plant would increase sales volume by Rs. 40,00
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