A business enterprise recorded cash sales of ₹ 15.5 million and credit sales of ₹ 7.8 million during the year 2016– 17. The cash purchases during the year were ₹ 13 million whereas credit purchases amounted to ₹ 4 million. The enterprise also paid ₹ 3 million towards various expenses including an advance payment ₹ 1 million to one of the vendors. Ascertain the profit for the year using : 

1. Cash basis of accounting.

2. Accrual basis of accounting.