Question

Ajay, a consultant, during the financial year 2018-19 earned * 4,00,000 out of which he received
amount of 3,50,000. He incurred an expense of * 1,70,000 out of which * 40,000 was
outstanding. He also paid consultancy fees amounting to * 45,000.
Determine the income for the year if he follows:
(a) Cash basis of accounting.
(b) Accrual basis of accounting. ​

Answer 1

Answer:

answer B

Explanation:

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