Accountancy, asked by ritesh9675, 1 year ago

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 ​

Answers

Answered by shwetalahre
11

Answer:

As per cash basis - 515000

As per accrual basis - 255000


shwetalahre: okk
shwetalahre: as per cash basis add or less cash transactions only
shwetalahre: and for accrual basis
shwetalahre: as per accrual basis keep in mind that actual transaction must add or less
shwetalahre: you must be careful about actual transaction
shwetalahre: if transaction is done, it means it will be added or less
shwetalahre: you should mention all the cash and non cash transactions
shwetalahre: i hope it will be helpful to you
ritesh9675: thanks
shwetalahre: your wlcm
Answered by bishtharshul
5

cash basis 2,45,000

accrual basis 2,30,000

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