Question

amit earned rs 800000 during the year 2018-19 out of which he received rs 700000 .he incurred an expense of rs 3,40,000 out of which rs 80,000 were outstanding. he also received rs 45000 related to previous year and paid rs 20000 as outstanding of last year . you are required to find out his income for the year if he follows cash basis

Answer 1

Answer:

95,000

Explanation:

cash basis of accounting does not record accrued incoma, outstanding experience