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During the financial year 2011-2012, Ashok had a cash sales of Rs. 5,00,000 and credit sales of Rs. 1,50,000. His expenses for the year were Rs. 2,50,000 out of which Rs. 50,000 were still to be paid. During the year , he received advance payment of Rs. 30,000 for sales to take place in May 2012.He also received consultancy fee relating to previous year Rs. 45,000 and paid expenses for the last year Rs.25,000.Find his income for the year 2011-12, if (a) he maintains his books of account on cash basis of accounting (b) he maintains his books of account on accrual basis of accounting |
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Answer» Opening STOCK 30,000 Closing stock 25,000 Opening CREDITORS 50,000 Closing debtors 75,000 Discount ALLOWED by creditors 1,500 Discount allowed to customers 2,500 Cash paid to creditors 1,35,000 Bills PAYABLE accepted during the period 30,000 Bills receivable received during the period 75,000 Cash received from customers 2,20,000 Bill receivable dishonored 3,500 Purchases 2,95,000 |
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