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During the financial year,Rajan had cash sales of Rs.4,50,000 and credit sales of Rs.3,00,000.Expenses incurred for the year were Rs.3,50,000 out of which Rs.1,50,000 are still to be paid.
Find out Rajan's income following
(i) Cash Basis of Accounting
(ii) Accrual Basis of Accounting.
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Posted on 17 Oct 2024, this text provides information on Accountancy related to Standard XI. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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