In a financial year ,Vinod had total sales of 7,40,000 out of which 5,60,000 were received in cash. The total expenses paid by him were 3,80,000, out of which 30,000 belongs to the next year and 10,000 are still outstanding. Determine Vinod’s Income for the year as per:a. Cash basis of Accounting.b. Accrual basis of Accounting.

In a financial year ,Vinod had total sales of 7,40,000 out of which 5,

1.	In a financial year ,Vinod had total sales of 7,40,000 out of which 5,60,000 were received in cash. The total expenses paid by him were 3,80,000, out of which 30,000 belongs to the next year and 10,000 are still outstanding. Determine Vinod’s Income for the year as per:a. Cash basis of Accounting.b. Accrual basis of Accounting.
Answer» BASIS: (not SURE, most PROBABLY I am right)INCOME = 560000-380000 = 180000B) Accrual basis:Income = 740000-(380000-30000+10000) = 380000

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