Question

Q.24) In a financial year , Vinod had total sales of rs. 7,40,000, out of which rs. 5,60,000 were received
in cash. Total expenses paid in the year were rs. 3,80,000, out of which rs. 30,000 belongs to next
year. Expenses of rs. 10,000 are still outstanding. He also received rs. 8,000 cash for advance
sales. Determine Vinod’s Income for the year as per:
(i) Cash Basis of Accounting (ii) Accrual Basis of Accounting

Answer 1

Answer:

Noting answers

Explanation:

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