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Rs. 84,000 revenue in 2021 will pita pal recognize for its arrangement with Rachel.
What is revenue?
In accounting, the total amount of money earned through the sale of goods and services that are crucial to the business's fundamental activities is referred to as revenue.
Sales or turnover are other terms used to describe commercial revenue. Some businesses make money from royalties, interest, or other fees.
As in "Last year, Company X had revenue of $42 million," the term "revenue" can refer to either general income or the sum of money earned during a specific period of time.
The general definition of profits or net income is total revenue less total expenses for a specific time period.
A government's money from tax payers is known as tax revenue. A charity's money from donors and other sources used to pursue its charitable objectives is known as fundraising revenue.
Revenue to be recognized = Initial cost + Consulting fee
Initial cost = 84,000.
Learn more about revenue, here
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