Rahul was a Chartered Accountant. During the financial year 2015-16 he earned Rs.30,00,000. Out of which he received Rs. 17,00,000. He incurred an expense of Rs.7,00,000 out of which Rs.3,50,000 was outstanding. He received Rs.3,00,000 as fees for last year and paid Rs.1,50,000 as expense for last year.
He also paid in the year 2014-15 Rs.5, 00,000 as the expense for the year 2015-16 And received Rs. 8,00,000 as the income in year 2014-15 for the work to be done in 2015-16.
You are required to determine his income on the basis of Accrual basis of accounting
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Explanation:
Below are the adjustment are to be made and only the actual amount for the period to be taken for calculation of receipt and payment. Prior period adjustments are not required.
Receipt - 1700000+1300000 = 3000000
Payment - 350000+350000 = 70000 0
Income - 3000000-700000 = 2300000
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