Question

Leeman, a general merchant, during the financial year 2018-19, earned ₹ 5,00,000. Out of which, he received ₹ 4,60,000. He incurred an expense of ₹ 3,20,000, out of which ₹ 20,000 are outstanding. He also earned a commission of ₹ 25,000 in cash for the year. You are required to determine the following under accrual system of accounting: (a) Total revenue (income) to be recorded in the books (b) Expense to be recorded in the books (c) Profit earned during the year pls answer ASAP!!

Answer 1

Answer:

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