[" IIlustration 1."],[" During the financial year 2018-19,Ashok had cash sales of "¥3,90,000" and credit sales "],[" of 71.60,oon His expenses for the yere ' a "70.000," out of which "¥80,000" is still to "],[" be paid.Find out Ashok's income for "2018-19" following the Cash Basis of Accounting."],[" Solution: "]

Ashok lent out Rs. 7,000 at 6% and Rs. 9,500 at 5%. Find his total income from the interest in 3 years.

Calculate closing stock from the following details: Opening Stock - Rs 20,000 , Cash Sales - Rs 60,000 , Credit Sales - Rs 40,000 , Purchase - Rs 70,000 Rate of Gross Profit on Cost 33(1)/(3)%

P , Q and R commenced business on 1st April , 2018 with capitals of : P - ₹ 2,00,000 , Q - ₹ 2,00,000 and R - ₹ 1,00,000 . Profits are shared in the ratio of 4 : 3 : 3 . Capital carried interest @ 5% p.a. During the year 2018-19 , the firm suffered a loss of ₹ 1,50,000 before allowing interest on capital. Drawings of each partner during the year were ₹ 20,000. On 31st March , 2019, the partners agreed to dissolve the firm as it was no longer profitable . The creditors on that date were ₹ 40,000 . The assets realised a net value of ₹ 3,20,000 and the expenses of realisation were ₹ 7,000 . Prepare Realisation Account , Partner's Capital Accounts and Cash Account along with necessary working to close the books of the firm .