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Roshan a cA earned Rs 1200000 during the financial year 2012-2013 . Out of which he received Rs. 1050000 . He incurred an expense of Rs 510000 out which Rs 120000 are outstanding . He also received his fees relating to previous year Rs. 135000 and also paid Rs 60000 expense of last year . Find out Rohan income for 2012-2013 following the cash basis and accrual basis?
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Roshan a cA earned Rs 1200000 during the financial year 2012-2013 . Ou...
Cash Basis and Accrual Basis Calculation for Roshan's Income in 2012-2013
Given Information:
Cash Basis Calculation:
Accrual Basis Calculation:
Explanation:
Given Information:
- Total income earned: Rs. 1200000
- Received income: Rs. 1050000
- Total expenses: Rs. 510000
- Outstanding expenses: Rs. 120000
- Received fees relating to previous year: Rs. 135000
- Expenses of last year paid: Rs. 60000
Cash Basis Calculation:
- Total income received: Rs. 1050000
- Total expenses paid: Rs. 390000 (Rs. 510000 - Rs. 120000 outstanding expenses)
- Net income: Rs. 660000 (Rs. 1050000 - Rs. 390000)
- Add: Fees received relating to previous year: Rs. 135000
- Less: Expenses paid of last year: Rs. 60000
- Total income on cash basis: Rs. 735000 (Rs. 660000 + Rs. 135000 - Rs. 60000)
Accrual Basis Calculation:
- Total income earned: Rs. 1200000
- Total expenses incurred: Rs. 510000
- Less: Outstanding expenses: Rs. 120000
- Expenses paid: Rs. 390000 (Rs. 510000 - Rs. 120000 outstanding expenses)
- Net income: Rs. 690000 (Rs. 1200000 - Rs. 510000)
- Add: Fees received relating to previous year: Rs. 135000
- Less: Expenses paid of last year: Rs. 60000
- Total income on accrual basis: Rs. 765000 (Rs. 690000 + Rs. 135000 - Rs. 60000)
Explanation:
- The cash basis is a method of accounting where income and expenses are recognized only when they are received or paid, respectively.
- In Roshan's case, his income on cash basis is calculated as the total income received during the financial year minus the expenses paid during the same period.
- The accrual basis is a method of accounting where income and expenses are recognized when they are earned or incurred, regardless of when they are received or paid.
- In Roshan's case, his income on accrual basis is calculated as the total income earned during the financial year minus the expenses incurred during the same period, both including outstanding amounts.
- The difference between the two methods is that the cash basis only considers actual cash inflows and outflows, while the accrual basis accounts for all income and expenses incurred during the period, regardless of when they are actually paid or received.
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Roshan a cA earned Rs 1200000 during the financial year 2012-2013 . Ou...
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Roshan a cA earned Rs 1200000 during the financial year 2012-2013 . Out of which he received Rs. 1050000 . He incurred an expense of Rs 510000 out which Rs 120000 are outstanding . He also received his fees relating to previous year Rs. 135000 and also paid Rs 60000 expense of last year . Find out Rohan income for 2012-2013 following the cash basis and accrual basis?
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Roshan a cA earned Rs 1200000 during the financial year 2012-2013 . Out of which he received Rs. 1050000 . He incurred an expense of Rs 510000 out which Rs 120000 are outstanding . He also received his fees relating to previous year Rs. 135000 and also paid Rs 60000 expense of last year . Find out Rohan income for 2012-2013 following the cash basis and accrual basis? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about Roshan a cA earned Rs 1200000 during the financial year 2012-2013 . Out of which he received Rs. 1050000 . He incurred an expense of Rs 510000 out which Rs 120000 are outstanding . He also received his fees relating to previous year Rs. 135000 and also paid Rs 60000 expense of last year . Find out Rohan income for 2012-2013 following the cash basis and accrual basis? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Roshan a cA earned Rs 1200000 during the financial year 2012-2013 . Out of which he received Rs. 1050000 . He incurred an expense of Rs 510000 out which Rs 120000 are outstanding . He also received his fees relating to previous year Rs. 135000 and also paid Rs 60000 expense of last year . Find out Rohan income for 2012-2013 following the cash basis and accrual basis?.
Roshan a cA earned Rs 1200000 during the financial year 2012-2013 . Out of which he received Rs. 1050000 . He incurred an expense of Rs 510000 out which Rs 120000 are outstanding . He also received his fees relating to previous year Rs. 135000 and also paid Rs 60000 expense of last year . Find out Rohan income for 2012-2013 following the cash basis and accrual basis? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about Roshan a cA earned Rs 1200000 during the financial year 2012-2013 . Out of which he received Rs. 1050000 . He incurred an expense of Rs 510000 out which Rs 120000 are outstanding . He also received his fees relating to previous year Rs. 135000 and also paid Rs 60000 expense of last year . Find out Rohan income for 2012-2013 following the cash basis and accrual basis? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Roshan a cA earned Rs 1200000 during the financial year 2012-2013 . Out of which he received Rs. 1050000 . He incurred an expense of Rs 510000 out which Rs 120000 are outstanding . He also received his fees relating to previous year Rs. 135000 and also paid Rs 60000 expense of last year . Find out Rohan income for 2012-2013 following the cash basis and accrual basis?.
Solutions for Roshan a cA earned Rs 1200000 during the financial year 2012-2013 . Out of which he received Rs. 1050000 . He incurred an expense of Rs 510000 out which Rs 120000 are outstanding . He also received his fees relating to previous year Rs. 135000 and also paid Rs 60000 expense of last year . Find out Rohan income for 2012-2013 following the cash basis and accrual basis? in English & in Hindi are available as part of our courses for Class 11.
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Here you can find the meaning of Roshan a cA earned Rs 1200000 during the financial year 2012-2013 . Out of which he received Rs. 1050000 . He incurred an expense of Rs 510000 out which Rs 120000 are outstanding . He also received his fees relating to previous year Rs. 135000 and also paid Rs 60000 expense of last year . Find out Rohan income for 2012-2013 following the cash basis and accrual basis? defined & explained in the simplest way possible. Besides giving the explanation of
Roshan a cA earned Rs 1200000 during the financial year 2012-2013 . Out of which he received Rs. 1050000 . He incurred an expense of Rs 510000 out which Rs 120000 are outstanding . He also received his fees relating to previous year Rs. 135000 and also paid Rs 60000 expense of last year . Find out Rohan income for 2012-2013 following the cash basis and accrual basis?, a detailed solution for Roshan a cA earned Rs 1200000 during the financial year 2012-2013 . Out of which he received Rs. 1050000 . He incurred an expense of Rs 510000 out which Rs 120000 are outstanding . He also received his fees relating to previous year Rs. 135000 and also paid Rs 60000 expense of last year . Find out Rohan income for 2012-2013 following the cash basis and accrual basis? has been provided alongside types of Roshan a cA earned Rs 1200000 during the financial year 2012-2013 . Out of which he received Rs. 1050000 . He incurred an expense of Rs 510000 out which Rs 120000 are outstanding . He also received his fees relating to previous year Rs. 135000 and also paid Rs 60000 expense of last year . Find out Rohan income for 2012-2013 following the cash basis and accrual basis? theory, EduRev gives you an
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