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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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Question 1 Chapter 2 - Unimax Publications of Class 11
During the financial year 2019-20, Sumit had cash sales of Rs. 90,000 and credit sales of Rs. 60,000. His expenses for the year were Rs. 70,000 out of which Rs. 30,000 is still to be paid. Find out Sumit's income for 2019-20 following the cash basis of accounting.
| Rs | |
| Revenues (Inflow of Cash i.e. Cash Sales) | 90,000 |
| Less: Expenses (Outflow of Cash) (70,000-30,000) | 40,000 |
| Net Income | 50,000 |
Note: Credit Sales and Outstanding expenses will not be considered under Cash basis of accounting.
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Question 1 Chapter 2 - Unimax Publications of Class 11", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Unimax Accountancy Class 11 - 2023.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
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