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 bank has been awarded the global 'Celent Model Bank' award under the category – 'Payments System Transformation'?
What does the “C” stand for in LCR?
The first Chairman of Finance commission was
In the new integrated food security scheme, Pradhan Mantri Garib _______Ann Yojana, what comes in the blank?
What does 'SLR' stand for in the context of banking regulations?
Lowering the value of a country's currency relative to a foreign reference currency is called:
Who is the author of the book ‘Revolutionaries’?
When to accomplish a particular necessity, the Demand of various goods is increased automatically into the market , it is known as ________________ .
Pradhan Mantri Ujjwala Yojana is related with
Which of the following statements is true?
I. The capital market is a market for securities (debt or equity), where companies and Government ca...
