Question

Sharad runs a business of readymade garments. During the month of
September,2020 he purchased goods costing ₹ 20,000 for cash and
₹ 13,000 on credit. Out of these he sold goods for ₹25,000 for cash and
₹5000 on credit. Salaries paid for the month amounted to ₹ 20,000 and
Rent of ₹ 15,000 is still outstanding. Calculate Sharad’s profit or loss for the
month if he follows Cash Basis of accounting.

Answer 1

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