CBSE Class 11-commerce Answered
Mr. Ram Mr Ramesh winning business and you are required to calculate is company net income using cash basis of accounting from the information given below 10 years rupees 6 lakh and produces rupees 3 lakh expense incurred in the year rupees 500000 out of which 20 150000 is still pending
Asked by sahilbajpai2001 | 11 Feb, 2020, 11:54: AM
Expert Answer
Cash Basis of Accounting:
- It is a system of accounting as per which the transactions are recorded in the books of accounts when cash is received or paid, that is, it is records revenue when received in cash and expenses are recorded when actually paid in cash.
- The profit or loss for the business in an accounting period would be the difference between the revenue received in cash and expenses paid in cash.
- It does not take into consideration any of the outstanding and prepaid incomes or expenses.
Answered by Surabhi Gawade | 11 Feb, 2020, 03:02: PM
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