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During the financial 2018-19, Mohan had …

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During the financial 2018-19, Mohan had cash sales of Rs. 90,000 and credit sales of Rs. 60,000 . His expenses for the year were Rs. 70,000 out of which Rs. 30,000 is still to be paid. Find out Mohan's income for 2018-19 following the Cash Basis of Accounting.

Posted by As As 3 years, 4 months ago

CBSE > Class 11 > Accountancy

1 answers

Charvi Singhal 3 years, 4 months ago

Mohan's income according to cash basis would be 1,30,000 as it is cash basis we will consider only cash sales and out of total expenses of year only 40,000 are paid. So the answer will be 90,000+40,000= 1,30,000

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