Question

Ascertain the net income under accrual basis of accounting for the year ended 31.12.2019: Fees received in cash in 2019 ₹114000. Expenses paid in cash in 2019 ₹30000. Fees received in advance as on 31.12.2019 ₹18000. Fees accrued but not received as on 31.12.2019 ₹3600. Outstanding expenses as on 1.1.2019 ₹4800. Fees accrued but not received as on 1.1.2019 ₹4800. Prepaid expenses as on 1.1.2019 ₹4200. Outstanding expenses as on 31.12.2019 ₹2400. Fees received in advance as on 1.1.2019 ₹12000. Prepaid expenses as on 31.12.2019 ₹3600. *

a. 106800
b. 78600
c. 78800
d. 128200
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Answer 1

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