Question

X, a Chartered Accountant earned ₹ 1,20,000 during the financial year 2019-20. Out of which, he received ₹ 1,05,000. He incurred an expense of t 51,000, out of which ₹ 12,000 are outstanding. He also received his fees relating to previous year ₹ 13,500 and also paid ₹ 6,000 expenses of last year. Find out X's income for 2019-20 following cash basis of accounting.​

Answer 1

since, he received ₹ 1,05,000 from the total payment of ₹  1,20,000 which is makes it ₹ 15,000 pending on the him,

we will assume he will receive the remaining amount following the cash basis accounting

also he received relating to previous job year ₹ 13,500

∴ 15,000 + 13,500 + Payment received = net income of 19-20

15,000 + 13,500 + 1,05,000 = 1,33,500 ₹

hence, X's income for 2019-20 following cash basis of accounting is 1,33,500₹  

Answer 2

Answer:

73,500

Explanation:

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