Question

In a Financial year, Vinod has total sales of RS 7,40,000 out of which rs

5,60,000 wee 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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