Mr. Jaspal Singh dealing in electronic goods sold 20 TV sets costing Rs.30,000 each at Rs.40,000 each. Out of this Rs. 5,00,000 were received in cash and the balance is not yet received. State the amount of revenue.

Explanation

Revenue will be Rs. 8,00,000 (i.e. 20 TV Sets `xx` Rs.40,000) Revenue is the amount either received or receivable from sale of goods and services. Both cash sales and credit sales are included in revenue.