Shyam made cash sales of Rs 3,20,000 and credit sales of Rs 1,80,000 His expenses for the - Accountancy - Theory Base of Accounting

Question

Shyam made cash sales of Rs 3,20,000 and credit sales of Rs
1,80,000 His expenses
for the year were Rs 50,000, out of which Rs 10,000 is yet to be
paid Shyam?s profit
on the basis of accrual basis of accounting will be Rs __________

Anshul Sharma · Accepted Answer

Dear Student,

Income = Revenue - Expenses
Revenue = 3,20,000 + 1,80,000 = 5,00,000
Expenses = 50,000
â€‹â€‹â€‹â€‹â€‹
profit = 5,00,000 - 50,000 = 4,50,000

Regards

Shyam made cash sales of Rs. 3,20,000 and credit sales of Rs. 1,80,000. His expenses for the year were Rs. 50,000, out of which Rs. 10,000 is yet to be paid. Shyam?s profit on the basis of accrual basis of accounting will be Rs. __________.

Shyam made cash sales of Rs. 3,20,000 and credit sales of Rs. 1,80,000. His expenses
for the year were Rs. 50,000, out of which Rs. 10,000 is yet to be paid. Shyam?s profit
on the basis of accrual basis of accounting will be Rs. __________.