Mr Vas started a business with a capital of Rs 5,00,000. The following information is extracted from his books of account for the year 2009:
|
Purchases |
Cash: |
Rs 1,50,000 |
|
Credit: |
Rs 2,50,000 |
|
|
Sales |
Cash: |
Rs 4,00,000 |
|
Credit: |
Rs 6,00,000 |
|
|
Payment to Suppliers |
Rs 1,50,000 |
|
|
Expenses |
Paid |
Rs 40,000 |
|
Outstanding |
Rs 60,000 |
|
|
Closing Stock |
Rs 50,000 |
|
|
Fixed Assets |
Rs 1,50,000 |
|
|
Depreciation on Fixed Assets : 10% |
||
|
Collection from Customers |
Rs 4,00,000 |
You are requested to compute the accounting income of Mr Vas.