The sales income (Credit and Cash) of a business during a given period is called _______.
Expenses
Sales returns
Revenue
Purchase returns
The sales of a business for a given period whether cash or credit is termed as the revenue of the business for that given period.
During the financial year,Rajan had cash sales of Rs.4,50,000 and credit sales of Rs.3,00,000.Expenses incurred for the year were Rs.3,50,000 out of which Rs.1,50,000 are still to be paid.
Find out Rajan's income following
(i) Cash Basis of Accounting
(ii) Accrual Basis of Accounting.