Question
During the financial year 2023-24, A had cash sales of
₹3,90,000 and credit sales of ₹1,60,000. His expenses for the year were ₹2,70,000, out of which ₹80,000 is still to be paid. Find out Ashok's income for 2023-24 following the Accrual Basis of Accounting.Solution
Under the Accrual Basis of Accounting, both cash and credit transactions are considered, regardless of whether cash has been received or expenses have been paid. Ashok's net income is calculated by subtracting the total expenses (₹2,70,000) from the total sales (₹5,50,000), resulting in a net income of ₹2,80,000.
Which device is used to reproduce drawings using pens that are attached to movable arms?
Which one of the following layer is called as User friendly layer?
Which of the following defines "commands available to the user through a menu interface"?
Which part of the computer manages arithmetic and logic operations?
What is SMPS?
Which type of number system is represented by base 16 ?
Which key is used to access the help menu in most software?
Multi-programming started in which generation of computers?
What type of software scans for harmful code on a disk?
Which is the latest version of Apple's MacBook Pro released in 2025?
