Question

During the financial year 2020-21. Shyam earned a total revenue of Rs 4,70.000 by selling goods. Out of the total sales, there were credit sales of Rs 1,30,000. The total expenses for the year were Rs 2.50.000 out of which Rs 2,00.000 paid in cash. He also paid an expense of Rs 5.000 related to last year and received cash Rs 10.000 related to next year. You are required to calculate his income for the year as per: () Cash basis of accounting Accrual basis of accounting ​

Answer 1

Answer:

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Answer 2

Answer:

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