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. Vijay, a consultant during the …

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. Vijay, a consultant during the financial year 2012-13 earned Rs.4, 00,000. Out of which he received Rs.3, 50,000. He incurred an expense of Rs.1, 70,000, out of Rs. 40,000 are outstanding. He also received consultancy fee relating to previous year Rs. 45,000 and also paid Rs.20, 000 expenses of the last year. You are required to determine his income for the last year if: i)he follows Cash Basis of Accounting and ii)he follows Accrual Basis of Accounting.

Posted by Sagar Nagwani 6 years, 5 months ago

CBSE > Class 11 > Accountancy

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