Question

In a Financial year, Vinod had total sales of Rs.7, 40,000, out of which Rs.5, 60,000 were received in cash. The total expenses paid by him were Rs. 3, 80,000, out of which Rs.30, 000 belongs to next year and Rs.10, 000 are still outstanding. Determine Vinod’s Income for the year as per :
i. Cash Basis of Accounting.
ii. Accrual Basis of Accounting.​

Answer 1

Answer:

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