What would be the profit as per cash basis of accounting based on the following information:
Revenues on account = Rs.50000
Cash Sales = Rs.70000
Salaries paid in cash = Rs.50000
Ticket purchased for Rs.11500 for next year travel
Profit as per cash accounting will take into account all cash related transactions, irrespective of the year it relates to. Revenues on account means credit sale therefore, will be ignored since we are taking Cash basis of Accounting. As such cash profit = Cash sales – salaries paid in cash – tickets purchased = 70,000 – 50,000 – 11,500 = Rs.8500
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