During the financial year 2018-19, Ashok had cash sales of Rs. 3,90,000 and credit sales of Rs. 1,60,000. His expenses for the year were Rs. 2,70,000, out of which Rs. 80,000 is still to be paid. Find out Ashok's income for 2018-19 following the cash Basis of Accounting.
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Explanation:
As per cash basis of accounting, only the cash transactions should be recorded.
Cash sales: Rs 3,90,000
Cash expenses: Rs 1,90,000.
Therefore
Ashok's income = Rs 3,90,000 - Rs 1,90,000
= Rs 2,00,000
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