Mr raja who runs a jewelry showroom, purchased necklace of Rs 260000,

1.	Mr raja who runs a jewelry showroom, purchased necklace of Rs 260000, bangles of Rs 81000, anklets of Rs 32000 from Mr Karan and paid Rs 144000 immediately. He further purchased diamond earrings of Rs 47000 from Mrs jaya for cash. He sold bangles of Rs 12000 necklace of Rs 88000, earrings of Rs 23500 and anklets of Rs 7500 to Mr. Naveen who paid 60 % amount in cash. He also received Rs 83000 on account of sales made last year and paid Rs 15000 as an advance to mrs Revati for the necklace of Rs 95000 to be delivered in next year. Calculate the income of Mr. Raja on cash basis as well as on accrual basis.
Answer» EXPLANATION: on cash -144000-47000+78600= -112400 on CREDIT -260000-81000-32000-47000+12000+88000+23500+7500= -289000

Mr raja who runs a jewelry showroom, purchased necklace of Rs 260000, bangles of Rs 81000, anklets of Rs 32000 from Mr Karan and paid Rs 144000 immediately. He further purchased diamond earrings of Rs 47000 from Mrs jaya for cash. He sold bangles of Rs 12000 necklace of Rs 88000, earrings of Rs 23500 and anklets of Rs 7500 to Mr. Naveen who paid 60 % amount in cash. He also received Rs 83000 on account of sales made last year and paid Rs 15000 as an advance to mrs Revati for the necklace of Rs 95000 to be delivered in next year. Calculate the income of Mr. Raja on cash basis as well as on accrual basis.

Answer»

EXPLANATION:

on cash

-144000-47000+78600= -112400

on CREDIT

-260000-81000-32000-47000+12000+88000+23500+7500= -289000

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