Question

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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

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