Question

From the following information, determine the profit earned or loss incurred when (i) Cash
Basis of Accounting and (ii) Accrual Basis of Accounting are followed:
3
Cash Sales
5,00,000
Credit Sales
2,00,000
Outstanding Salary and Wages
4,000
Insurance Paid in Advance
2,500
Outstanding Electricity Expenses
1,000
Income Received (excluding income received in advance)
5,000
Income Received in Advance
1,000
Income Earned but not Received
3,000
Cash Purchases
2,75,000
Credit Purchases
1,25,000
Salary and Wages Paid
44,000
Electricity Expenses Paid
11,000
Insurance Expenses Paid (including prepaid)
10,000

Answer 1

Answer:

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Answer 2

Answer:

this is in this question