Double
Entry Book Keeping Ts Grewal 2022 for Class 11
Commerce
Accountancy
Chapter
4 - Bases Accounting
These solutions for Bases Accounting are very popular among Class 11 Commerce students for Accountancy
Double Entry Book Keeping Ts Grewal 2022 Solutions for Class 11 Commerce
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Question 6: During the financial year 2021-22, Mohan had cash sales of `90,000 and credit sales of ` 60,000. His expenses for the year were ` 70,000 out of which ` 30,000 is still to be
paid.
Find out Mohan's income for 2021-22 following the Cash Basis of Accounting.
Answer:
Cash sales = `90,000
Total Expenses = `70,000
Outstanding Expenses = `30,000
Cash Expenses = `70,000 - `30,000= `40,000
Mohan's income for 2021-22= `90,000- `40,000= `50,000
Answer: Mohan's income for 2021-22= `50,000
Question 7: Taking the figures given in Q. 6, find out the net income according to Accrual Basis of Accounting.
Answer:
Cash sales = `90,000
Credit Sales =`60,000
Total Sales =90,000 + 60,000 = `1,50,000
Total Expenses = `70,000
Mohan's income for 2021-22== `1,50,000 - `70,000= `80,000
Answer: Mohan's income for 2021-22= `80,000 (On the Accrual Basis)
Question 8: Vijay, a consultant, during the financial year 2021-22 earned `4,00,000. Out of which he received `
3,50,000. He incurred an
expense of `
1,70,000, out of which `40,000 are outstanding.
He also received consultancy fee relating to previous year `45,000 and also paid ` 20,000 expenses of last year.
You are required to determine his income for the year if
(i) He follows Cash Basis of Accounting, and
(ii) He follows Accrual Basis of Accounting.
Answer:
(i)
He follows Cash Basis of Accounting:
Income received =3,50,000
Expenses Paid in Cash= 1,70,000 - 40,000=1,30,000
Income = Income received+ consultancy fee received – Expenses Actually Paid
Income= 3,50,000 + 45,000- (1,30,000+20,000)
Income
for the year = ` 2,45,000
(ii) He follows Accrual Basis of
Accounting:
Income = Earing during the year – Expenses Incurred for the year
Income= 4,00,000 - 1,70,000
Income=
` 2,30,000