Question

Ajay is a shopkeeper. During the financial year 2019-20 he earned ₹ 10,00,000, out of which ₹ 2,00,000 is yet to be received. Out of the total expenses of current year he paid ₹ 2,50,000 while ₹ 2,00,000 are still outstanding. He also received a commission relating to the previous year ₹ 1,00,000 and paid ₹ 60,000 expenses of last year. Calculate his income for the year if: i. He follows Cash Basis of Accounting ii. He follows Accrual Basis of Accounting

Answer 1

Answer:

Ajay can't find it caughter and tomato.