Question

Mohan had a cash sales of 360000 and credit sales of 240000 during the financial year 2019-20. his expenses for the year were 280000 out of which 120000 is still to be paid. find out Mohan income for 2019-20 if he is following the Account basis of accounting​

Answer 1

Answer:

The cash basis is a method of recording accounting transactions for revenue and expenses only when the corresponding cash is received or payments are made

Mohan's income =360000

Mohan's expenses =760000(280000-120000)

=760000( 160000 )

= 121600000000

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