Vijay a consult during the financial year 2016-17 earned 400000 out of which he received 350000 he incurred an expense of 170000 out of which 40000 are outstanding he also received consulting fee relating to the previous year 45000 and also paid 20000 expenses of last year. you are required to determine his income for year if find (a) he follows cash basis of accounting and (b) he follows accrual basis of accounting
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Answered by
11
Answer:
As per cash basis - 515000
As per accrual basis - 255000
shwetalahre:
okk
Answered by
5
cash basis 2,45,000
accrual basis 2,30,000
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