Question

Answer it and get 40 points and elaborate it its urgent please give genuine answers.


Vijay a consultant , during the financial year 2014-2015 earned rs40,000. out of which he received rs3,50,000. he incurred an expenses of rs1,70,000 out of which rs40,000 are outstanding. He also received consultancy fee relating to previous year rs45,000 and also paid rs20,000 expenses of last year. Find the income on the basis of cash basis of accounting

Answer 1

income = 350000+45000
              =395000

as per cash basis accounting
 
The cash basis is a method of recording accounting transactions for revenue and expenses only when the corresponding cash is received or payments are made

Hope its useful..!!!

Answer 2

Income = 350000+45000
              =395000

as per cash basis accounting
 
The cash basis is a method of recording accounting transactions for revenue and expenses only when the corresponding cash is received or payments are made

Hope its useful..!!!