Question

From the Information given below about income and expenses for the year ended 31st March, 2022, Determine net income by – (5) (a) Cash Basis of Accounting and (b) Accrual Basis of Accounting- Cash Sales 5,00,000 Credit Sales 2,50,000 Income Received 50,000 Income Accrued 30,000 Cash Purchase 3,00,000 Credit Purchase 1,50,000 Salary and Wages Paid (including 20,000 paid in advance) 25,000 Electricity Expenses paid 15,000.​

Answer 1

Answer:

16,00,000. Equity Share Capital. 20,00,000. Retained Earnings. 8,00,000. Statement of Profit for the year ended 31st March, 2014. Sales (20% cash sales).

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