Question

During the year 2019-20, A firm sold goods for Rs.80,000 in cash and Rs. 40,000 on credit. It also purchased goods worth Rs. 30,000 in cash and of Rs. 10,000 on credit. For the same accounting period firm paid Rs. 12,000 for the expenses and Rs. 5,000 were outstanding. In the same year Firm received Rs. 25,000 as commission which include Rs.5, 000 as unaccrued. Calculate the profit or loss for the period according to accrual basis of accounting.

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Answer 1

Explanation:

expenses and Rs. 5,000 were outstanding. In the same year Firm received Rs. 25,000 as commission which include Rs.5, 000 as unaccrued. Calculate