PRC-1 · Chapter 10 · Question 88 of 100
An entity has Total Comprehensive Income of Rs. 100,000. There were no Other Comprehensive Income items (such as revaluation gains) during the year. What is the Net Profit for the year?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) Rs. 100,000
Explanation
Total Comprehensive Income = Net Profit + Other Comprehensive Income. Since OCI is zero, Net Profit equals the Total Comprehensive Income of Rs. 100,000.
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